Choosing the Right Lifetime Trust for Your Client - Pros, Cons & Practical Examples

Introduction

Many practitioners consider trusts within wills; however, it is common for there to be trepidation when considering setting up trusts ‘inter vivos’ or during a client’s lifetime.

Many shy away from setting up these trusts as they are concerned as to how they are viewed by HMRC and do not wish to fall foul of any tax rules.

In addition, clients will need to be advised on the relevant property trust regime and what triggers a charge.

This new full day in-person course will consider the different types of trust you can consider setting up together with the pros and cons of each.

It will also look at the new Trust Registration Service and its impact/requirements, as well as providing practical examples of relevant property trusts, exit charges and calculating 10 year charges.

What You Will Learn

This course will cover the following:

• Bare trusts
• Lifetime discretionary trusts
• Interest in possession trusts
• Disabled persons trusts
• Taxation of trusts - CGT and income tax
• The impact of lifetime trusts on Inheritance tax and gifting - beware the ‘backwards shadow’!
• Relevant property trusts and 10-year charges
• Calculating exit charges
• Completing the IHT100
• Terminating a trust early; tax treatment, chargeable lifetime transfers and potentially exempt transfers
• Benefits of setting up inter vivos trusts
• The Trust Registration Service - requirements and impact