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Buachaill
Buachaill, Barrister
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Experience:  Barrister 17 years experience
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Can I use a Legacy Trust to avoid inheritance tax? Alan Bo

Customer Question

can I use a Legacy Trust to avoid inheritance tax? Alan ******
Submitted: 10 months ago.
Category: Law
Expert:  Buachaill replied 10 months ago.
1. Dear Alan, you can certainly use a trust in you mirror wills to avoid a tax bill for your daughters. as you are probably aware, any conveyance of property into a trust upon your demise by way of will trust removes, the property from your estate for the purposes of Inheritance Tax. However, it is the trust, which then owns the property and not your daughters. So, you should consider whether this will complicate matters for your daughters as they then will not have the money from the property available to them.
Expert:  Buachaill replied 10 months ago.
2. An alternative form of estate planning is to gift property or money to your daughters during your lifetime. As you are aware, there is no Gift tax in the UK. So long as you survive for seven years after the date of the gift, the transfer is tax free from Inheritance TAx so there is no Inheritance Tax paid on life time gifts if you survive seven years after the date of gift. In this way, your daughters will own the property without the mechanism of a trust in the way preventing them from having the money themselves.
Expert:  Buachaill replied 10 months ago.
3. This is a better way of handling an INheritance TAx liability if you can organise it. A trust means your daughters don't own the property subsequently.
Expert:  Buachaill replied 10 months ago.
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