Job: Trusts Lawyer, Partner
|Title||Trusts Lawyer, Partner|
|Location||Cornwall, Devon, SWUK|
Private Client Specialist Trusts Lawyer
We currently have three law firm clients all looking for highly skilled lawyers who are specialists in trusts work. The appointments range in seniority from 2-5PQE associate level to 5-15PQE++ senior associate and finally consultant with the view of making partnership within an eighteen month time span.
Our client firms can be described as very ambitious looking to grow the private client department as quickly as possible. Career opportunities are possibly the best on offer in the law business with candidates currently labled as rare to non-existent. We welcome applications from any part of the UK living and working in both counties of Devon and Cornwall can best be described as near to location perfection as possible. The following is a description of what we are looking for; once you have submitted your CV to our firm we will arrange a meeting with our law firm client.
We are also interested in locating a Dispute Resolution specialist that has a focus on contentious trust disputes. Our client is looking for 5-20PQE and can offer an immediate senior associate opportunity with an active case load to match the title.
Additionally we seek to find a Senior Trust Lawyer/Partner, we are inviting applications on a nationwide basis. Our client has advised us that they have a very keen interest to appoint. Salary package levels range from 50-150K depending on what you bring with regarding client following/book value.
Trusts Lawyer and what they do….
Above is a job description informing what career opportunities we currently have for a Trusts Lawyer. Our client law firms are based in both states – Devon and Cornwall. There is ample private client work to go round, setting up and administering complex trusts is very specialist job. There is always a shortage of these clever lawyers that also have intricate tax knowledge.
What we are seeking to find and the knowledge that our client requires:
A trust is a legal arrangement where one or more ‘trustees’ are made legally responsible for holding assets. The assets – such as land, money, buildings, shares or even antiques – are placed in trust for the benefit of one or more ‘beneficiaries’ The trustees are responsible for managing the trust and carrying out the wishes of the person who has put the assets into trust (the ‘settlor’). The settlor’s wishes for the trust are usually written in their will or set out in a legal document called ‘the trust deed
Trusts may be set up for a number of reasons, for example:
Under the rules of inheritance that apply when someone dies without leaving a valid will.
There are several types of UK family trusts and each type of trust may be taxed differently. There are other types of ‘non-family’ trusts. These are set up for many reasons. For example, to operate as a charity, or to provide a means for employers to create a pension scheme for their staff. Cleverly engineered hybrid structures include: Heritage, charitable or business-related trusts and ‘Trust property’ is a phrase often used for the assets held in a trust. They can include:
The cash and investments held in a trust are also called the trust ‘capital’ or ‘fund’. This capital or fund may produce income, such as interest on savings or dividends on shares. The land and buildings may produce rental income. Assets may also be sold producing gains for the trust. The way income is taxed depends on the type of income and the type of trust.
A trust is created when someone gives assets to other people, the trustees, to hold, not for their own benefit, but for the benefit of others – the beneficiaries. Trusts can be set up during a person’s lifetime or on their death via their Will or Intestacy. In whatever situation, the trustees then become liable for managing the assets on behalf of the beneficiaries – the Trust Administration There are a variety of trusts which our trust lawyers can create, including:
Trust Lawyers advise and assist with:
Once the trust has been correctly established, the trustees have an on-going duty to administer the trust in the best interests of the beneficiaries. Trust lawyers and trust administrators can assist in the trust administration and ensure compliance with all duties and regulations imposed on trusts and trustees.
Trust Lawyers and administrators routinely assist with:
Estate planning law governs the laws, procedures and practices associated with planning for one’s estate in the event that he/she becomes incapacitated and for when he/she is deceased. It encompasses the roles and activities of Executors and Administrators; creation and administration of Wills and Last Testaments; Trusts and Living Trusts; Probate; Medical Powers of Attorney, DNR Orders and Advance Directives; associated tax issues; and various other related topics.
The laws governing most of these areas are created primarily on the state level and therefore vary greatly. The Uniform Probate Code (UPC) has sought to clarify, unify and modernize these laws throughout all the U.S states and D.C., but to date; only about 30% have completely adopted the Code, while some of the remaining state have only implemented parts of it. Estate related tax issues, such as gift tax laws and federal estate tax, and various college savings plans are regulated by federal as well as state laws.
Estate Planning Lawyers have great depth coverage, knowledge and understanding of estate planning law, with detailed definitions and links to various resources. An Estate Planning Lawyer also offers resources, information and links covering the Fundamentals of Estate Planning; Types of Wills and Testaments; Types of Trusts; Property That Does Not Pass via a Will; and Other Estate Planning Issues.
In a discretionary trust, the trustees are the legal owners of any assets – such as money, land or buildings – held in the trust. These assets are known as ‘trust property’. The trustees are responsible for running the trust for the benefit of the beneficiaries.
The trustees have ‘discretion’ about how to use the trust’s income. They may also have discretion about how to distribute the trust’s capital. The trustees may also be able to ‘accumulate’ income – add it to capital. See the section below on accumulation trusts.
Trustees may be able to decide:
Discretionary trusts are sometimes set up to put capital aside for:
Under the terms of the deed that creates the trust, there may be situations when the trustees have to use income for the benefit of particular beneficiaries. However, they may still retain discretion about how and when to pay. The extent of the trustees’ discretion depends on the terms of the trust deed.
In an accumulation trust, the trustees can accumulate income within the trust, that is add it to the trust capital. They will often do so until the beneficiary becomes legally entitled to the trust assets (such as money, land or buildings) or the income produced from the assets. Income that has been ‘accumulated’ becomes part of the capital of the trust. The trustees may also pay income at their discretion.
Accumulation trusts should not be confused with ‘accumulation and maintenance trusts’. Accumulation and maintenance trusts are a type of trust that qualified for favourable Inheritance Tax treatment. The Finance Act 2006 ended this treatment and made provisions so that accumulation and maintenance trusts became either ’18 to 25 trusts’ or were moved into the new ‘relevant property’ trusts
Trustees are responsible for declaring and paying Income Tax on income received by the trust. They do this on form SA900 Trust and Estate Tax Return each year.
In both discretionary trusts and accumulation trusts, income is taxed at the special trust rates, apart from the first $1,000 of trust income, which is known as the ‘standard rate band’. Income that falls within the standard rate band is taxed at lower rates, depending on the nature of the income – as shown in the tables below.
However, if the person who put the assets into the trust (the settlor) has more than one trust, the $1,000 standard rate band is divided by the number of trusts they have. If the settlor has more than five trusts, the standard rate band is $200 for each trust.
When trustees make a discretionary payment of income it carries a tax credit at the trust rate (currently 50 per cent). This means it is treated in the hands of the beneficiary as if income tax has been already paid at 50 per cent. The beneficiary might be able to claim some or all of the tax back if they’re a non-taxpayer or a 20 or 40 per cent taxpayer. Trustees of a discretionary trust – or an accumulation trust where they also have the power to make discretionary payments – need to make sure that they’ve paid enough tax to cover the tax credit given to the beneficiary. They do this using a process called the ‘tax pool’, which keeps a record of all discretionary income payments made by the trustees, and the tax the trustees have paid.
Different rules apply for payments to beneficiaries of settlor interested discretionary trusts. Follow the link below to find out more.
Capital gains tax is a tax on the gain in the value of assets such as shares, land or buildings. A trust may have to pay Capital Gains Tax if assets are sold, given away or exchanged (disposed of) and they’ve gone up in value since being put into trust. The trust will only have to pay the tax if the assets have increased in value above a certain allowance known as the ‘annual exempt amount’. Trustees are responsible for paying any Capital Gains Tax due. Beneficiaries aren’t taxed on any trust gains and don’t get credit for any tax paid by the trustees.
Discretionary or accumulation trusts and Inheritance Tax
There may be an Inheritance Tax charge when:
Sometimes Inheritance Tax uses different terminology for trusts. Discretionary trusts may fall within what are known as ‘relevant property’ trusts.
Discretionary or accumulation trusts with vulnerable beneficiaries
A trust set up for the benefit of a vulnerable beneficiary may qualify for special tax treatment.
Please contact Jonny Scott-Slater or Ashley Armstrong: 01872 274227;
Mail your CV 2 firstname.lastname@example.org
Confidentiality is always assured.
Both States of Cornwall and Devon have so much to offer in the way of career opportunity and recreation life-style.