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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

Magnus Mackay

Magnus Mackay

Senior Associate, Private Client

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linkedin contactT:01224 845 877
E:magnus.mackay@stronachs.com

Emma Boyle

Emma Boyle

Tax Manager

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linkedin contactT:01463 663383
E:emma.boyle@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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Cohabitant's rights in Scotland - a new perspective?

Cohabitant's rights in Scotland - a new …

Monday 30th July 2018

As published within the STEP Journal  Magnus Mackay and Jaclyn Russell survey the landscape of succession law and cohabitant’s rights in Scotland and discuss the potential for reform The succession rights of...

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Property jargon that hits home …..

Property jargon that hits home …..

Thursday 5th July 2018

We tend to accept that sales people can occasionally use jargon to promote their product or service, and estate agents may do just that to make their properties attractive to...

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Generational Planning - How to keep wealth in the family

Generational Planning - How to keep weal…

Monday 2nd July 2018

According to the latest report on wealth in Scotland, today’s young people are more reliant on inheritances, rather than earnings, to determine their living standards and wealth. This may prompt...

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Business Property Relief - Bringing the future into the present

Business Property Relief - Bringing the …

Thursday 21st June 2018

Latest reports suggest that the city’s economy is gradually rebounding from the effects of the recent downturn in the oil and gas industry. This is evidenced in a study by...

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Landmark case has couples questioning rights

Landmark case has couples questioning ri…

Wednesday 20th December 2017

Recent publicity about an English Court of Appeal ruling on the rights of unmarried couples has highlighted the misunderstanding that many people have about their rights following their partner’s death.

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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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Chambers UK 2018

Contact Info

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

 

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

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