Dealing with Small Family Trusts [2020]

Webinar Details

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Lesley King

CPD Hours: 1


This webinar is presented by Lesley King. Many married couples (and to a lesser extent cohabitees) solve the problem of protecting assets against care home fees and second marriages by the use of trusts. They may be nil rate band discretionary trusts or flexible life interest trusts. This session considers some of the problems that can arise in relation to nil rate band discretionary trusts.

This session examines:

  • Whether the trust has to be registered, taking into account the different requirements of the 4th and 5th Anti-Money Laundering Directive.
  • Should a nil rate band discretionary trust be brought to an end on first death or kept going?
  • Should it be converted into a life interest trust?
  • Is the residence nil rate band available?
  • How can the costs of running such trusts be reduced?
  • Conferring rights to income
  • Mandating income
  • What if a trustee loses capacity? Can they be removed?
  • Tax implications of terminating a discretionary trust

Learning objectives

After completing the session delegates will be able to:

  • advise on the options available for dealing with such trusts and their respective advantages and disadvantages, and
  • take appropriate steps to implement the chosen option.

This webinar is sponsored by: