S2 Ep2 - Can Setting Up A Trust Save You Paying Inheritance Tax?

In this episode of the #TVLawyer Podcast, Melinda Giles sits with Giles Wilson Partner and STEP-qualified solicitor Pippa Bavington to demystify the process of setting up a trust following the Autumn Budget 2024.Here, the pair discuss how trusts can offer greater control over your legacy and why expert advice is key when setting these up. Pippa also explains that while a trust may be able to reduce your IHT bill, using it solely for this reason can have underwhelming results. In addition to this, Melinda and Pippa discuss:How it’s a costly misconception that trusts protect your assets from being taxedWhy a Lifetime Trust may face an Inheritance Tax charge every 10 years after its creationThe complications and responsibilities involved in being a trusteeHow a Disabled or Vulnerable Person’s Trust works, and the advantages these offer to protect those with additional needsHow Discretionary Trusts work and why they’re unlikely to stop you or your beneficiaries from paying IHTWhy you shouldn’t rush to place your pension within a trust just yet following the Autumn BudgetWhy you should avoid listening to advice that suggests you can place your home in a trust to reduce your IHT burden