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Families rush to set up trusts to cut inheritance tax: How they work and why the wealthy use them
The Trust Registration Service received a flurry of filings last January, the most recent period for which data is available.
More families are setting up trusts to avoid paying inheritance tax, figures from HMRC suggest.
An inheritance tax is levied when a beneficiary inherits assets from the estate of someone who died. There is no federal inheritance tax, but five states currently levy this tax: Kentucky, Maryland, ...
Families trying to avoid inheritance tax by using trusts face upfront charges if they fail to set them up before the rules ...
Looming inheritance tax changes will limit how much pension wealth can be passed on but more people may now be maxing out their loved ones’ JISA allowance instead.
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