A common form of estate planning in the US is for an individual to create and fund a Revocable Trust (sometimes referred to as a Living Trust or a Living Will). However, structures of this nature can be problematic for anyone with connections to the UK.

After an eagerly awaited budget (with huge speculation on what it might contain) what did we learn about tax changes? Many thought tax rates would go up, but in fact the manifesto pledges for income tax, national insurance and VAT have been respected: those rates, plus capital gains tax and inheritance tax rates, are unchanged. (The only increased rate was for corporation tax.)

A Letter of Wishes is a tool that can be used by someone setting up a trust (the settlor), or making a Will.

WBD's private client partner Edward Stone, is working with STEP, the global professional association for practitioners who specialise in family inheritance and succession planning, to promote the beneficial role that trusts play in wealth planning across the world. Edward is also a member of the steering committee for STEP's International Client Global Special Interest Group.

There is (of course) speculation about what the Chancellor will announce in terms of tax changes as part of his Spring Budget scheduled for 3 March. Throughout the pandemic there has been speculation about how the Treasury will move to balance the books after massively increased government borrowing to fund the pandemic response.

We often come across partnerships in the context of farming families. These are usually general partnerships, although occasionally they are Limited Liability Partnerships (LLPs). The benefit of an LLP is that it limits the personal lability of the partners; however LLPs require more administration than general partnerships (for example annual accounts must be submitted to Companies House). An LLP might be particularly appropriate where trustees act as partners.