Has anyone succeeded is setting up a trust and transferring assets into it in order to reduce the value of an estate for IHT purposes?
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Yes of course.
But before you go any further, I'd say based on your last two questions that you need professional advice. You might need more than one advisor too - legal and tax.
There are for a start different types of trusts, there are also implications beyond IHT and of course costs operating the trust, often over many years. Anyone setting up such an arrangement needs professional advise to ensure what they are doing will work, what other implications it may have and whether there is a more efficient means of reaching the intended goal. (Which often will not be what the original goal was before the discussion with the professional makes the client see a different light from that they first perceived)