- Intermediate *6 hours CPD
This course looks at the practical issues involved in trusts from the outset, when the professional has to advise the client upon the most appropriate form of trust for their needs, through the key drafting aspects of the trust deed, the setting up of the trust, some practical aspects during the course of administration and, finally, completing the distribution to the beneficiaries.
- What type of trust? Features of Interest in possession, discretionary, accumulation and maintenance and disabled trusts
- Tax considerations relating to IHT, CGT and IT on creation, during and distribution of the main types of trust
- The rules against perpetuities and excessive accumulations
- Administrative provisions post Trustee Act 2000; what needs to be included or excluded
- Trustees duty of care; exoneration clauses
- Powers and duties of trustees
- Administering the trust effectively; trustee meetings, accounts, taxation
- Example calculations of IHT charges in relevant property trusts
- Income Tax pool examples for discretionary trusts
- Key events; appointment and retirement of trustees, appointment and advancement of trust funds, variation of trusts
- Breach of trust
- Trustee liability and overview of litigation
- Termination of the trust; death of beneficiary, achieving contingencies, by exercise of trustee powers, apportionment, tax issues
- Checklist prior to completion/closure of trust