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  • Overview

    Desmond O'Donnell, senior associate from our family department and Stuart Price, solicitor from our private client department, speak with Spear's about pre-nuptial agreements for wealthy families.

    Desmond and Stuart said, "Pre-nups are still prevalent in the HNW world as a useful tool to protect assets in the event of the breakdown of a marriage, but families who are increasingly concerned about the fallibility of the institution are looking for a more foolproof alternative".

    "New research by Investec has found that a third of parents are unwilling to provide financial help or leave an inheritance to their married (or soon to be married) child, and that around 13 per cent of survey participants have now considered setting up discretionary trusts instead".

    "Subject to previous gifting, each parent may gift up to £325,000 into a discretionary trust without an immediate Inheritance Tax (IHT) charge. If each parent survives for seven years from the date of the gift, the assets will be outside of the combined estate for IHT purposes. The parents will normally appoint themselves as the trustees and they will have complete control of the trust assets. They will also decide who the discretionary beneficiaries of the trust will be. They might choose their children and grandchildren at the outset, with trust provisions allowing further discretionary beneficiaries to be added later".

    The full article is available to read online, first published by Spear's on 16 February 2017: Are trusts the new pre-nups for wealthy families?

  • Related Services

    Family

    Dealing with the legal aspects of a relationship or family breakdown requires a thorough knowledge of the law and a tactful, understanding approach.

    Wills, gifts and other applications

    Our Court of Protection team is one of the most experienced in the country in advising deputies and attorneys on formal applications for gifts, wills and property transactions, such as applying to the Court for authority to replace a co-owner of a property who has lost capacity.

    Inheritance Tax advice

    Inheritance Tax can often be minimised with careful planning.

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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Jargon Buster