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Professional Trustee Services
Our partners regularly act as independent professional trustees for trusts ranging from small trust arrangements with only one asset such as a portfolio of quoted investments to complex trusts holding property, investments and cash. We place great emphasis on our professional, objective and confidential approach and will do everything we can to protect our clients’ interests.
There are a number of trusts that may have independent professional trustees including
- life interest trusts – this is where an individual, known as a life tenant, is given the right to receive income only, whilst preserving the capital for others after the death of the life tenant.
- discretionary trusts – none of the beneficiaries has a fixed right to any particular share of the trust fund. Instead the trustees have discretion as to which beneficiary benefits and to what extent. Discretionary trusts can be used to protect your beneficiaries from unfortunate relationships, profligate lifestyles etc.
Our specialist lawyers can help you decide on the type of trust which will best suit your circumstances and whether you need to include a trust in your Will to preserve your assets and protect members of your family or whether you need to set up a lifetime trust for loved ones.
We will explain the law to you in plain English and we guarantee that our advice to you will be practical, realistic and suitable for your lifestyle.
The benefits of appointing independent professional trustees are considerable. The specialist knowledge, expert opinion and years of experience mean a far greater level of skill and care in creating the right trust for you. Our personal service and objectivity means we can manage any potential conflicts of interest and spot and solve potential problems at an early stage.
Setting up and Administering a Trust
Trusts can be a very effective way of managing your wealth now and in the future. They can hold a wide range of assets from property and shares to family heirlooms. We work with trustees and beneficiaries on the creation, use and variation of trusts.
Setting up a trust
A trust is created when you give assets to people you choose (the trustees) to hold for the benefit of others (the beneficiaries). It can be set up during your lifetime (by using a trust deed) or upon death (by inclusion in your Will) and can be used as a practical tool for inheritance tax planning.
Your chosen trustees have responsibility for managing the assets for the benefit of the beneficiaries according to the terms of the Will or trust deed. In choosing your trustees you need to be confident in them and only appoint people who you trust to take on the role. You may choose to appoint professional trustees and we provide this service for many of our clients.
Administering a trust
Administering a trust is a significant responsibility. We work with trustees on the ongoing administration of trusts, including assisting trustees in setting up trust accounts and trust tax returns.
There are many types of trusts designed for specific situations, but common types are:
- bare trusts – often used for trustees to hold assets for a child until they reach 18
- life interest trusts – giving an individual (known as a life tenant) the right to receive income only, whilst preserving the capital for others after the death of the life tenant
- discretionary trusts – none of the beneficiaries has a fixed right to any particular share of the trust fund but the trustees have discretion as to which beneficiary benefits and to what extent. Discretionary trusts can be used to protect your beneficiaries from unfortunate relationships, profligate lifestyles etc.
Our specialist team will advise you on the type of trust to suit your circumstances, whether you need to include a trust in your Will to preserve your assets and protect members of your family or whether you need to set-up a lifetime trust for loved ones.
We will explain the law to you in plain English and we guarantee that our advice to you will be practical, realistic and suitable for your lifestyle.
Discretionary Trusts
If you are planning for the future, a discretionary trust is a flexible and often tax-efficient way to pass on your assets to the next generation during your lifetime and after you die.
This type of trust gives your trustees (the people you appoint to manage and administer your trust) the power to choose which of your beneficiaries (the people you want to benefit from your assets) receive funds from the trust and when.
There are many reasons why a discretionary trust may be right for you, such as to:
- Provide for your family – making sure that your money and property tax-efficiently reaches the right people, either during your lifetime or after you die.
- Put money aside for disabled and vulnerable people – giving trustees the power to look after a vulnerable beneficiary’s money is sensible and reduces the risk of exploitation or abuse.
- Shelter assets from people who are on benefits, receive care funding or have financial difficulties– by putting your money in trust no beneficiary has any absolute right to it and this could help protect means-tested benefits, care funding or against creditors.
- Put aside money for people who would benefit from supervision – for example, if you think your intended recipient might waste money, perhaps because of a mental health condition or addiction, a discretionary trust gives the trustees more control over when and how they receive their money.
- Help your loved ones receive your life insurance pay-out faster – putting your life insurance policy in trust means it does not need to go through probate after you die, allowing your beneficiaries to receive their pay-out sooner. This can also help larger value estates fund an inheritance tax bill.
At the Lux Solutions, our dedicated trusts specialists can
- Help you understand how discretionary trusts work, and whether making one is right for you.
- Draft your discretionary trust and related documents, such as letters of wishes.
- Explain the taxation of trusts, which is complex.
- Help your trustees understand their role and exercising their powers under a discretionary trust.
- Act as professional trustees.
- Handle administrative duties, such as filing tax returns, preparation of annual trust accounts, chairing trustee meetings and registering the trust.
- Advise the beneficiaries of your discretionary trust on their rights under the trust.
We will talk you through your options so you can make confident decisions about what your next steps should be. Our lawyers will make sure that your estate plans fully reflect your requirements, including helping you draft a letter of wishes for your trustees so they can make sure that your money and property falls into the right hands at the right time.
Tax Resolution Services
If you owe back taxes, our tax consultants can help you resolve your tax debt with the IRS. We offer customized tax resolution services to help you avoid penalties and interest charges, and get you back on track.
Business Tax Services
We provide comprehensive tax services for businesses of all sizes, including tax planning, preparation, and compliance. Our tax consultants can help you identify tax-saving opportunities and strategies to minimize your tax liabilities and maximize your profits.
International Tax Services
Our experts provide international tax services to help businesses navigate complex tax laws and regulations in different countries. We can assist with tax planning, compliance, and reporting to ensure that you stay in compliance and minimize your global tax liabilities.
About The Lux Solutions
Expert Tax Advice
Our team of experienced tax consultants are here to help you navigate the complexities of tax legislation and provide you with expert advice tailored to your unique situation.
Maximize Your Refund
We work tirelessly to ensure that you receive the maximum refund possible. Our team will identify all eligible deductions and credits to help you keep more of your hard-earned money.
Prompt and Professional Service
We understand how stressful tax season can be. That's why we strive to provide prompt and professional service to all of our clients. You can trust us to handle your tax matters with care and efficiency.
Expert Tax Consulting Services
Expert Tax Services from The Lux Solutions
At The Lux Solutions, we offer a wide range of tax services to meet the unique needs of our clients. Whether you need help with tax preparation, tax planning, or representation before the IRS, our team of tax professionals is here to help. We understand that dealing with taxes can be stressful, which is why we strive to make the process as easy and stress-free as possible. With our help, you can rest assured that your tax needs are in good hands.
Contact The Lux Solutions Today
Ready to take control of your taxes? Contact us today to schedule a consultation with one of our expert tax professionals. We'll take the time to understand your needs and develop a customized tax solution that works for you.