A tricky business

There are many misconceptions and pitfalls a client can fall into without realising the implications of their actions when creating a trust. These unfortunately common events present a real opportunity for the value of expert advice to be demonstrated. Let's consider some areas which clearly need advice. Order of events A strategy for reducing an inheritance tax (IHT) liability often involves giving away money as outright gifts. However, many people may not be aware that the order in which gifts are made can have significant implications for tax. Consider, for example, an individual m...