Managing trusts and tax

A potential IHT saving of £270,000

Mark carried out a full estate planning review for a married couple. In view of the nature of their affairs and the value of their assets (around £5 million including pension funds), specialist advice was essential.

Mark advised the couple on their Wills, pension death benefits and related trust arrangements.  As the wife was due to inherit under her late mother’s Will, which would have further increased the value of the couple’s estate, Mark prepared a Deed of Variation to divert a share of the inheritance to a new discretionary trust.  This will enable the couple to benefit from the trust if required in the future, without the trust fund forming part of their estates for inheritance tax purposes. The potential inheritance tax savings will be £70,000 as a result of the Deed of Variation and a further £200,000 once a death benefits trust has been created.

Thomson Snell & Passmore is well equipped to carry out full estate planning reviews, with a wealth of experience in identifying potential legal solutions for clients.

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