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Keeping your options open
Key points
- Clients often prefer a company to a trust as it is a structure with which they are familiar.
- Trusts are flexible structures – which also makes their creation more complex than FICs.
- FICs are also flexible with many ways of setting one up – all offer tax planning advantages – and they can be tailored to the client’s needs.
- Both trusts and FICs have pros and cons when it comes to IHT.
- A good solution may be to use a blended trust/FIC approach to estate planning.
While trusts have been around since the 16th century the family investment company (FIC) challenger to the throne has also now been around for a few years; certainly long enough for HMRC to have a specialist unit to deal with them.
Introducing the contenders
When we think of all the things Henry VIII brought us – including the most painful way...
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