Key Steps in Family Trust Planning for Inheritance Tax

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Key Steps in Family Trust Planning for Inheritance Tax involves first understanding your estate's value and potential tax liability. You'll then choose between trusts like discretionary or interest in possession, which affect control and tax treatment. Properly transferring assets into the trust while considering the 7-year rule for gifts is crucial. Regularly reviewing the trust ensures it adapts to tax law changes. Working with a solicitor helps navigate these steps, avoiding common pitfalls…