Trusts and Estates

Trusts and Estates can be a highly complex area and specialist knowledge is required in order to provide the highest quality service. 

Our Trusts and Estates specialist Brendan Kelly has worked in this area for 20 years; with 13 of those years in the legal sector specialising in the taxation aspect of trusts and estates, supporting both legal firms and accountancy firms with the compliance matters associated with both.

A member of the Society of Trust & Estate Practitioners (STEP) he was amongst the first group to undertake the STEP Diploma for Scotland in 2007.

He has worked and advised on complex trusts set up in lifetime or on death and provided support to families, trustees, and solicitors when they wish to consider the best vehicle to ensure that they choose the right trust and further assisting with the winding up of trusts in the most tax-efficient manner.

As a trustee in a number of trusts, he is aware of the complexities surrounding the creation, lifetime, and end of a trust and can guide trustees through these difficult times.

With the level of experience, we have available in this area we are well placed to assist trustees in calculating all tax liabilities, completing all documentation and preparing accounts, and helping solicitors with any legal matters.

We can also assist other accountancy firms that do not have this expertise available in-house. 

Types of trusts

Discretionary Trusts
The most popular type of trust, the Discretionary trusts allows the most flexibility to the trustees, by its very nature, it allows trustees discretion on when to make distributions and to whom they can be made. Proper planning should be put in place in order that the trustees are fully aware of their remit and ongoing reviews of the beneficiaries and their needs is important.

Liferent trust (Interest in possession)
In this type of trust you have two different types of beneficiaries; in the first instance, you have the individuals or individuals who are entitled to the income or enjoyment of the assets. Then you have the fiars or capital beneficiaries who are entitled to the capital of the trust at a certain point in the future.

Estates
Taxation of estates can sometimes be complex, the change in the taxation of dividends and interest has led to more reports from legal firms to HMRC; The personal representative needs to know what their role is and fully understand their duties.

With both trusts and estates come the complexities of taxation, together with the obligations and duties that trustees and executors have; you can give us a call and Brendan can talk you through whatever issues you have.

Get in touch

To find out more why not give Brendan a call on 0141 204 0930 or email him at BKelly@callanaccountancy.co.uk anytime.