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Establishing trusts and advising on the use of trusts in tax planning

Trusts can be an effective means of protecting assets and beneficiaries. However there are extensive anti avoidance tax measures directed at trusts.

We advise individuals wishing to create trusts on all the relevant legal and tax implications.

We can advise on the implications of legislation and the approaches taken by regulating authorities.

We advise clients on the most suitable trusts to use for a range of beneficiaries, including beneficiaries with special needs and/or young children. Trusts such as life interest trusts, discretionary trusts and bare trusts can be effective means of protection when used correctly and targeted at the right beneficiary. We can put in place effective trusts for their purposes.

We have considerable experience in dealing with international clients on the use of trusts in international tax and protection planning, including the use of an Irish trust as a tax efficient offshore vehicle.

Administration of trusts

The running of a trust on a day to day basis can be fraught with danger if correct procedures are not followed to ensure the distinction between the roles of trustees and beneficiaries. In addition the regulatory matters that must be addressed can be overwhelming. We can advise trustees and beneficiaries on all aspects of trust law and taxation and procedures in connection with the ongoing administration of such trusts.

Advising on the break up of trusts

Existing trusts may no longer be tax efficient or serve the purpose for which they were set up. Beneficiaries and settlors together may wish to dispense with the entity that is the trust for practical reasons. We can advise on the most tax-efficient methods available to wind up trusts and transfer assets from a trust to beneficiaries where appropriate.