Key Steps in Family Trust Planning for Inheritance Tax

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When setting up a family trust to manage inheritance tax, the first step is identifying which assets to transfer, like property or investments, then choosing the right trustees who'll oversee everything legally. You'll need a formal trust deed outlining beneficiaries and terms, plus a careful gifting strategy that watches the seven-year rule for potentially exempt transfers, balancing control against tax savings without tripping up on the reservation of benefit rules.