trusts

We publish the latest edition of Trust eSpeaking here.

In this edition:

• Let’s give it all way – It’s not that straightforward
  With the abolition of gift duty from 1 October 2011 the first thought for most people who have a family trust would be “Let’s give it all away”
• Rest home care – Don’t expect government hand-outs
  After gift duty comes to an end from 1 October, one thing will still be clear: you can’t give everything away to a trust and then expect to rely on state assistance because you don’t own any assets…
• Trustee Liability – As vendor under an Agreement for Sale & Purchase Trustees are the legal owners of trust property and are personally liable for warranties given under an Agreement for Sale & Purchase. Trustees should be very careful about giving warranties
• Trusts and tax – The Supreme Court has spoken Using a trust – or any other structure such as a company – to reduce your income is
  not straightforward. If you push the boundaries too hard you may end up having to pay a lot more. The latest Supreme Court decision provides a useful warning