How to use a trust to cut taxes and stay in control of your assets
In Ireland a number of types are used, including discretionary, fixed or a family partnership
Depending on how trusts are structured, they can result in higher taxes. Photograph: iStock
If keeping a lid on inheritance taxes is your goal, then trusts can help. However, it may not be the most important reason people avail of these structures, which ultimately give greater control when determining how you want your estate shared out.
As Niall Glynn, a partner with Deloitte notes, trusts are often conflated with a structure designed to offer tax advantages. But depending on how they are structured, they can in fact result in higher taxes.