Many private companies choose to establish a trust as a means of protecting assets and minimising tax.
Clinch Long Letherbarrow are highly experienced in all aspects of trust establishment and ongoing management.
We explain the responsibilities and obligations that come with forming a trust to the parties concerned. We also draft a trust deed which sets out the rules of operation of the trust, and we provide guidance in relation to ongoing statutory reporting requirements.
Why establish a trust?
A trust can provide an effective means of isolating assets away from claims by outsiders, such as creditors or parties to litigation claims.
It can also help to minimise tax paid by enabling income to be directed to those earning a lesser income.
For a trust to do what it is intended to do requires that it is correctly set up and operated, and that all parties are clear about its purpose and their ongoing responsibilities.