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Trusts are a particular speciality of the practice.

Trusts and Settlements
To implement tax planning advice lifetime settlements of any kind can be set up. Advice can be given in connection with the use of trusts of life insurance policies. We are often asked to give a second opinion on schemes produced by insurance companies and insurance brokers.

Off-shore Trusts
We have considerable experience in dealing with interests in offshore trusts, both in setting them up in liaison with advisers in other jurisdictions and also on dealing with existing off-shore trusts and how to extract property from them tax efficiently.

Another area of expertise is advising on company mergers and acquisitions where shareholdings are held in offshore trusts.

We are familiar with the use of other offshore entities such as guarantee companies, anstalts and stiftungs.

Asset Protection Trusts
Advice can be given to professional and business people on the extent to which they can protect their assets against potential claims by the use of Asset Protection Trusts both UK based and offshore.

Trust Administration
Having created a settlement the continuing administration can be handled. Accounts for all types of trust including charities, trusts for mentally handicapped children and will trusts can be prepared. All tax issues in connection with trusts and charities can be dealt with.

Self-assessment has now been introduced for trustees as well as individuals and penalties are payable for late and incorrect returns. Trust administration is becoming an increasingly complex task with beneficiaries demanding a far higher standard of administration from trustees. This requires special expertise, which is now only available in very few firms in the North West.

As the task of lay trustees becomes more onerous, David Bishop is happy to take on trusteeships.

   
   
Pre Budget Report 2007
Changes to Inheritance Tax for married couples and civil partners
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Nil Rate Band Discretionary Trust Wills after the Finance Act 2006
The effect of the Budget changes to trusts as enacted in the Finance Act 2006 on nil rate band discretionary trust wills
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