Individuals can pass on assets, while retaining some control and deferring the point at which those assets become part of the beneficiaries’ estate. This is particularly useful if the beneficiary is still too young to be a responsible custodian of those assets.

..may provide protection from income tax, capital gains tax, or inheritance, tax or a combination

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A settler will put the assets in the trust and the trust is then run by trustees, but the trust is an independent entity, separate from both sides. There are different types of trust, each with a different tax treatment. Some may provide protection from income tax, capital gains tax or inheritance tax or a combination of all three. The tax authorities have clamped down on the use of trusts in recent years, but they still have a role in financial planning.