Why are Trusts an Important Consideration?
Originally created for wealthy landowners and members of the nobility, trusts have been providing a means of mitigating tax liabilities for centuries. Of course, there have been changes to both Trusts and the rules relating to Trusts over the years. For instance, the loss of tax revenue prompted King Henry VIII to bring in a tax avoidance statute in the 1530s.
Changes over more recent years means that you no longer have to be wealthy or a member of the nobility in order to benefit from Trusts. In fact, they have become a valuable means of taking advantage of various tax strategies and benefits. This is why a lot of people these days set up Trusts in order to mitigate tax that they would otherwise have been liable to pay.