Leading independent Liverpool accountancy firm BWMacfarlane has recruited one of the region’s leading experts on family trusts and estates to its team.
Anthony Whittaker joins the growing Castle Street practice from Grant Thornton.
As BWMacfarlane’s new trust and estate manager, Anthony will be proactively promoting trust services to business owners and high net worth individuals, both within the firm’s existing client base and beyond.
Benefits of trusts
Wealthy individuals often set up trusts as a tax-efficient way of transferring assets to other members of their family – or perhaps towards some charitable or philanthropic project. They are also a useful tool when considering succession planning for family wealth or on retirement from a family business.
By incorporating the use of trusts in tax planning it removes the ownership of the assets from your taxable estate but you can still, as a trustee, retain control over how those assets are used or spent.
Setting up and running a trust can be a complex process with tax, legal and personal implications. The BWMacfarlane trusts and estates team work in conjunction with a client’s legal advisers, to ensure that the correct structure is put in place and administered correctly.
Emotional process
Generational tax planning and the transfer of assets can also be an emotive issue within families and Anthony brings to the firm many years of experience helping clients to successfully navigate their way through often delicate situations.
“We do end up working very closely with families when setting up trusts, we see how emotional it can get and that has to be carefully managed,” says Anthony.
“There have been some major changes to how trusts are taxed in recent years and as the tax landscape is constantly changing we need to keep abreast of the changes and be pro-active to ensure the trust arrangements continue to meet our client’s and their family’s needs.
“I am really pleased to be joining BWMacfarlane as they already have a strong client base and are encouraging me to innovate and to go out into the market place to develop this even further.
Major coup
Peter Taaffe, managing partner at BWMacfarlane said: “Anthony’s recruitment is a significant coup for the firm.
“We offer our clients as comprehensive a range of services as we can and Anthony’s expertise in trusts gives us the opportunity to really grow that side of the business.”
Anthony’s arrival also means BWMacfarlane can strengthen links with local law firms who often refer their own wealthy clients interested in setting up trusts.
One Liverpool lawyer, Naomi Pinder of Jackson Canter, added: “Life is becoming more complicated and an increasing number of people have estates and trusts containing a variety of high value assets. It is essential that a holistic service is provided in terms of legal and accountancy expertise to provide the best service possible for trustees and beneficiaries. To achieve this result, I work with the Trusts and Estates Team at BWMacfarlane who share my values regarding providing an excellent and cost effective service based on trust and integrity at all time.”
