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Trusts in Practice. A Users Introduction

Bob Trunchion continues his series of articles examining how Trusts can be used in practice.

1 July 1996

Trusts in Practice
A User's Introduction

Bob Trunchion continues his series of articles examining how Trusts can be used in practice.

The last two issues looked at how life interest settlements can be used, this issue's article looks at the next trust in the Elderly Client Advisers armoury; namely the accumulation and maintenance settlement. It is quite likely that accumulation and maintenance settlements (A&M settlements) will be used with increasing frequency over the next couple of years as elderly clients undertake pre election planning. The A&M settlement for grand parents is an especially powerful tool.

An A&M settlement is basically a favoured form of discretionary trust. Subject to certain conditions, the trustees have complete discretion as to whom should receive income and capital and the dates on which they receive such amounts. The conditions mentioned above do impose some constraints on some of these freedoms ...

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