Accumulation And Maintenance Trust

Information about Accumulation And Maintenance Trust

The Law of Wills, Trusts and Inheritance

Part of the common law series
Wills
Wills · Holographic will
Joint wills and mutual wills · Will contract
Codicils
Parts of a Will
Attestation clause · Residuary clause
Incorporation by reference
Contesting a Will
Testamentary capacity · Undue influence
Insane delusion · Fraud
Problems of property disposition
Lapse and anti-lapse
Ademption · Abatement
Acts of independent significance
Elective share · Pretermitted heir
Trusts
The Law of Trusts
Generic Terms:
Express trust · Constructive trust
Resulting trust
Common Types of Trust:
Bare trust · Discretionary trust
Accumulation and Maintenance trust
Interest in Possession trust
Charitable trust · Purpose trust
Incentive trust
Other Specific Types of Trust:
Protective trust · Spendthrift trust
Life insurance trust · Remainder trust
Life interest trust · Reversionary interest trust
Honorary trust · Asset-protection trust
Special needs trust: (general)/(U.S.)
Doctrines governing trusts
Pour-over will · Cy-prs doctrine
Other related topics
Living Wills (advance directives)
Inheritance
Intestacy · Testator · Probate
Power of appointment
Simultaneous death · Slayer rule
Disclaimer of interest
Other areas of the Common Law
Contract law · Tort law · Property law
Criminal law · Evidence

Accumulation & Maintenance ("A&M") trusts are a type of discretionary trust for the benefit of children and young people.

Development and tax treatment

The concept of an A&M trust emerged in England and Wales after the enactment of the Capital Taxes Act 1974 (CTA). The CTA discouraged the use of discretionary trusts by introducing new tax rules, but it made a specific exception for trusts designed to help young people (under the age of 25).
This particular type of trust grew in signifance over the years and became known as an Accumulation & Maintenance Trust. They came to fall under the purview of s.71 Inheritance Tax Act 1984 (IHTA), which continued their special tax treatment
The Finance Act 2006 took A&M Trusts out of the purview of s.71. Today, A&M Trusts are governed by Pt. III, Ch. III IHTA, and therefore receive exactly the same tax treatment as other types of discretionary trusts.
As a result, the use of A&M trusts is declining rapidly.
The new breed of "18-25" trusts are taking their place.

LAW may refer to:

Lightweight Anti-tank Weapon, like the M72 LAW (US Army) and the LAW 80 (British Army)
Palestinian Society for the Protection of Human Rights (also known as LAW)
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The Law of Wills, Trusts and Inheritance
Part of the common law series
Wills
Wills · Holographic will
Joint wills and mutual wills · Will contract
Codicils
Parts of a Will
Attestation clause · Residuary clause
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Inheritance is the practice of passing on property, titles, debts, and obligations upon the death of an individual. It has long played an extremely important role in human societies.

Both anthropology and sociology have made detailed studies in this area.
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In common law legal systems, the law is created and/or refined by judges: a decision in the case currently pending depends on decisions in previous cases and affects the law to be applied in future cases.
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Contract Law
Part of the common law series
Contract
Contract formation
Offer and acceptance · Mailbox rule
Mirror image rule · Invitation to treat
Firm offer · Consideration
Defenses against formation
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Criminal law
Part of the common law series
Elements of crimes
Actus reus · Causation · Concurrence
Mens rea · Intention (general)
Intention in English law · Recklessness
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Accumulation And Maintenance Trust

Information about Accumulation And Maintenance Trust

Development and tax treatment