Estate planning
Inheritance Tax is no longer confined to the super-rich. If, like many people in the UK, your assets exceed £325,000, being hit with a 40% bill upon inheritance can exacerbate an already stressful time for your loved ones.
Happily, with careful tax planning, you can preserve more of your legacy without compromising your financial security.
From the relatively simple to the more complex, we can assess your needs and tailor a plan that meets domestic and international estate planning rules, as well as your personal, family and business requirements.
We do not just look at mitigating IHT. During each review, we will factor in family relationships, fairness, asset protection and effective wealth transfer. Revisiting your plan during your life, we can assist with:
• Wills – working alongside your legal adviser, acting as executor and administering your legacy to ensure your wishes are met
• Retirement and cash flow planning – determining surplus wealth without compromising on your retirement lifestyle
• Lifetime gifts – transferring assets at appropriate times to reduce your taxable estate
• Placing money and assets in trusts – either during your lifetime or on your death
• Life insurance policies – to cover the cost of IHT (written in trusts so the insurance pay-out is not added to the value of your estate)
• Estate administration and accounting – preparing accounts and tax returns
Personal Services:
Income Tax
Income Tax is exactly as it sounds: a ‘tax on your income’. However, not all income is taxable, and even then you are only taxed when you earn above certain levels.
IHT
Contrary to the belief of some, Inheritance Tax (IHT) not only affects the very rich, but other people may be liable without realising.
Capital Gains Tax
Along with Inheritance Tax, Capital Gains Tax (CGT) is often referred to as a voluntary tax. With careful CGT advice, it is often possible for individuals and/or trusts to reduce, totally avoid and/or delay payment of CGT.
Trusts
Creating and maintaining a trust is no easy feat – it’s a roller-coaster ride of legislation changes and tax complications.
