People in the UK may not provide for their children in trust as often as they do in the U.S. since the children can avoid UK inheritance (estate) tax on what they inherit by making gifts and remaining alive for 7 years after making the gifts. The UK also has a 6% tax on trust assets every 10 years.My mother warned me to stay away from trusts - mind you this was in England - she said they caused no end of problems dealing with other beneficiaries in the trust and it was a great money earner for the lawyers and/or whoever was in charge of administering it.
Statistics: Posted by bsteiner — Thu Jul 25, 2024 11:12 am — Replies 70 — Views 6753
