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28. US/UK Estate Planning 2 - Living Trusts | Ask An Expert with Aidan Grant
Do you know enough about living trusts? They’re a tax-neutral and effective tool in the US to avoid probate – BUT they can have severe UK tax implications for UK domiciliaries. Probate can be time-consuming, costly and cumbersome – especially in New York and California – so it makes sense to avoid if you can.
To explore the options, Richard is joined once again by Aidan Grant, a senior associate at Collyer Bristow LLP.
The use of a living trust can trigger significant inheritance tax liabilities in the UK. Transferring assets into such a trust can result in an immediate 20% inheritance tax…
The skinny
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