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Trust and Tax Planning

Monday, Oct-23, 2017

Trust and Tax Planning

McCormicks provides clients with a full range of legal advice for meeting the challenges of today whilst planning with thought to the future. Good Personal Tax, Trusts and Probate advice can make a big difference to the well-being of a client and our team is sensitive to the issues involved in private and very personal matters.

Asset protection is now of concern to many families, whether it is protection from tax, costs of long term care, the impact of family breakdown or personal insolvency. With the combination of its trust and tax expertise McCormicks is ideally placed  to assist you in these matters.

Tax planning is at the heart of the majority of the advice we provide to clients within the private client sector.

Experience

We have advised families on a broad spectrum of issues including:

  • The Establishment of Discretionary and Interest in Possession Settlements
  • Charitable Giving and the Establishment of Charitable Trusts
  • The Appointment of Sub Funds and Capital Out of Trust
  • Trustee Fiduciary Duties and the Rights of Beneficiaries
  • The Effect of Mental Incapacity
  • The Winding Up of Trusts
  • Capital Gains Tax and Inheritance Tax

"McCormicks advises various trustees and estate owners on issues such as rationalisation, extension of property portfolios and tax planning. Clients include the Outward Bound Trust." The Legal 500

McCormicks advises wealthy clients on complex and technical tax planning matters and has seen a growth in referrals from clients across the business community. The firm also handles special trust and probate litigation.” Legal 500

This full service firm has a growing presence in the region for its estate work. Clients say ‘A small enough unit that it provides a really personal service, which is not dissipated as it goes down the line.” Chambers UK

This Harrogate firm has established an enviable reputation in estate management and rural property transactions. A particular specialism is the diversification of estate lands for commercial, development and sporting uses, including advising on niche shooting rights. It also acts for Estate Trustees and farming families on complex tax, trust and succession matters.” Chambers UK

McCormicks provides commercial advice to trusts, landowners and estates. The ‘excellent’ team is ‘very efficient.’ It includes a number of ‘sound’ and ‘reliable’ commercial property and private client lawyers.” UK Legal 500

Landed estate owners and successful business people regard McCormicks as a go-to group. The group is praised for its ‘all-round efficiency.” Chambers UK

At McCormicks, property specialist Heather Roberts and head of private client Elaine Lightfoot advise on the development of revenue streams, shooting agreements and leases, succession planning and other property-related issues. Peter McCormick leads the team.” - Legal 500

Peter McCormick leads McCormicks’ growing portfolio of contentious work, for clients such as Strutt Family Trusts.” - Legal 500

McCormicks’ ‘brilliant’ practice has an emphasis on tax planning, and is led by associate Elaine Lightfoot.” - Legal 500

"Elaine Lightfoot's practice runs the gamut of private client work. Clients say: 'She gives you a precise and very definite resume of how she sees the problem and how to get round it.'" - Chambers UK - Private Client

"You get good advice; it's very clear so you know exactly where you are." - Chambers UK - Private Client

"McCormicks is certainly the most efficient firm I have ever had dealings with." - Chambers UK - Private Client

"Maintains a broad private client practice with a focus on estate planning administration. Offers additional expertise in trust creation and management as well as acting for clients with reduced mental capacity. Elaine Lightfoot is a key contact." - Chambers UK - Private Client

“Elaine Lightfoot heads up the team at McCormicks, which focuses on estate planning and administration as well as Court of Protection applications, regularly advising trustees and settlors. The practice’s expertise also encompasses advising trustees on fiduciary duties and the rights of beneficiaries, advising deputies on their duties surrounding the Mental Capacity Act, care home fee planning and lasting powers of attorney. Other key team members include Philip Edmondson, who primarily handles contentious probate mandates, and Heather Roberts, who is recommended for estate issues. Lightfoot, Edmondson and Roberts were all promoted to the partnership in 2016.” - Legal 500