Estate planning

When you have spent an entire lifetime building up your personal wealth, you want the comfort of knowing that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the government.

And yet, all too often we meet clients who are shocked at how much of their inheritance is taken from them before they even see it.

Inheritance tax (IHT) used to be referred to as a 'voluntary tax' for the very wealthy, but with the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within the scope of IHT.

There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning - often over a long period.

Lifetime gifts, the judicious use of trusts, and care with transfer of agricultural and business property can all help to reduce IHT liability.

It is also possible to mitigate potential inheritance tax liabilities by investing in certain markets for a minimum of two years.

Estate planning is a large subject, often encompassing succession planning and business exit strategies.  We also consider the important interaction between IHT and capital gains tax. We can help with the drafting and updating of your will, and where appropriate, act as trustees or executors.

Contact Us today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. But don't leave it too late!

Please read our Helpsheet on Discretionary Trusts (pdf).