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Trusts are used for a variety of purposes.  In tax and succession planning, a trust can be used to pass assets to a beneficiary while retaining a degree of flexibility or control over those assets.

Trusts can also be used to protect beneficiaries who are vulnerable, due to their age or a disability, or to protect assets from the risks of divorce or bankruptcy claims.

Stronachs’ private client team has significant expertise in the creation of trusts, advising on which type is best suited to your circumstances, supporting its creation and the legal transfer of assets, as well as dealing with all issues of tax compliance with HMRC.

Transferring assets has consequences - tax will arise during the life of the trust, and also on the winding up of the trust. Trustees must also prepare accounts detailing funds received and funds paid out, and submit tax returns. Our team can prepare those accounts and tax returns for you, or provide your existing tax and accountancy advisers with the information they require if they wish to do so.

We work with investment managers on investing assets to meet the trust’s needs, and manage payments to beneficiaries, for example to pay education fees for a grandchild. At the end of a trust we will advise upon transferring assets out of the trust to the intended beneficiaries.

Some trust assets may require the input of our colleagues in other departments, for example, we would ask our corporate team for assistance if the trust holds shares in a family company.

Key Contacts

To make an enquiry, please contact a member of staff below or call 01224 845 845

Carol Crowther

Carol Crowther

Partner, Head of Private Client

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linkedin contactT:01224 845 947
E:carol.crowther@stronachs.com

Jaclyn E.P. Russell

Jaclyn E.P. Russell

Partner, Private Client

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linkedin contactT:01224 845 858
E:jaclyn.russell@stronachs.com

George Stevenson

George Stevenson

Consultant, Private Client

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linkedin contactT:01224 845 819
E:george.stevenson@stronachs.com

Private Client News & Insights

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Inheriting a Residential Tenancy

Inheriting a Residential Tenancy

Monday 11th December 2017

The Private Housing (Tenancies) (Scotland) Act 2016 introduces a new type of tenancy in Scotland, under which it is possible for a tenant’s partner or other family members to inherit...

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Scottish Government Consults on Income Tax Changes

Scottish Government Consults on Income T…

Monday 20th November 2017

On 2 November the Scottish Government published its Consultation document “The Role Of Income Tax In Scotland’s Budget”.  Of particular interest to Scottish taxpayers are four alternative options for the...

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Why Should I Make a Will?

Why Should I Make a Will?

Tuesday 20th June 2017

Many people are reluctant to put in place a Will.  Some feel they are too young and do not wish to consider making a Will until later in life or...

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Burial and Cremation (Scotland) Act 2016

Burial and Cremation (Scotland) Act 2016

Thursday 18th May 2017

The Burial and Cremation (Scotland) Act 2016 (‘2016 Act’) has now been on the statute books for one year. The Act provides a comprehensive and modern framework for funeral arrangements...

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Imminent Tax Changes for Non-Doms

Imminent Tax Changes for Non-Doms

Tuesday 28th March 2017

While non-domiciled individuals (“non-doms”) have traditionally received favourable tax treatment in the UK, a number of reforms were announced in the 2015 summer Budget to widen the scope of the...

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Spring Budget 2017 – Key Impacts for Your Clients

Spring Budget 2017 – Key Impacts for You…

Thursday 9th March 2017

Yesterday Chancellor Philip Hammond delivered his first and only Spring Budget.  Although, as anticipated, the Budget was relatively uneventful, a number of previously announced changes which may affect clients will...

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Common Reporting Standard - Guidance for Charities

Common Reporting Standard - Guidance for…

Monday 9th January 2017

The new year brings with it the end of the first reporting period under the Common Reporting Standard (CRS), a measure designed to assist in the fight against international tax...

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Stronachs achieves STEP recognition for Private Client team

Stronachs achieves STEP recognition for …

Wednesday 14th December 2016

Stronachs LLP in Aberdeen has achieved specialist accreditation for its Private Client team, becoming one of only five Scottish practices to be recognised as an Employer Partner by STEP.

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Succession (Scotland) Act 2016 comes into force

Succession (Scotland) Act 2016 comes int…

Thursday 27th October 2016

In January we reported on the provisions of the Succession (Scotland) Bill 2016, which went on to receive Royal Assent on 3 March 2016. While some administrative provisions came into...

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A Clean Break?

A Clean Break?

Thursday 11th August 2016

Significant changes to Scottish Succession law are on the way with the enactment of the Succession (Scotland) Act 2016 (“the 2016 Act”) due to come fully into force on 1...

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Dedicated lawyer Kirsten takes big STEP forwards

Dedicated lawyer Kirsten takes big STEP …

Friday 1st July 2016

A SENIOR solicitor from Stronachs LLP has been named one of the top two Scottish candidates in a recent specialist exam set by the Society of Trust and Estate Practitioners. Kirsten...

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Scottish Charitable Incorporated Organisations

Scottish Charitable Incorporated Organis…

Tuesday 28th June 2016

The Scottish Charitable Incorporated Organisation, or “SCIO”, is the newest form of charity structure in Scotland.  Five years on from its introduction, over 1,000 SCIOs have been established.  An increasing...

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Property investors setting up companies face minefield of tax considerations

Property investors setting up companies …

Wednesday 20th April 2016

Transferring properties into company ownership has become a hot topic, as changes in tax rules spur those with a portfolio on to looking at the best way to manage their...

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Chambers UK 2018

Contact Info

ABERDEEN OFFICE
28 Albyn Place, Aberdeen AB10 1YL
Tel: +44 1224 845845

 

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Camas House, Pavilion 3, Fairways
Business Park, Inverness IV2 6AA
Tel: + 44 1463 713225

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