Inheritance Tax and Estate Planning

wealth ManagementHaving accumulated wealth through our working life we need to reflect on how this will be shared with HM Revenue & Customs after our death. We provide specific advice on how to reduce any liability through the use of:

  • Will planning
  • Lifetime gifts to individuals
  • The use of Trusts
  • Allowances and exemptions applying to specific assets

Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.

Passing on your estate to your chosen beneficiaries requires advanced planning. As a leading firm of Chartered Accountants,we will discuss with you your plans and help you to identify what course of action you could take in order that they can be met. Since none of us knows when we will die, this means making the necessary provisions now.

The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries with the minimum tax. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!

It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse or yourself and your civil partner in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime. We will liaise with your solicitor, your financial adviser, your legal adviser or others persons as necessary, after receiving your approval to do so, to make sure your Estate Planning will provide what is best for you

Our Estate planning team is led by Paul Short and assisted by Lucy Orrow. The team provide a discreet estate planning service that includes:

  • Reviewing your will
  • Making full use of exemptions and lower tax rates on lifetime transfers
  • Optimising lifetime transfers between spouses
  • Transferring agricultural or business property
  • Should you create a trust?
  • Transferring assets into trust
  • Arranging adequate life assurance to cover potential inheritance tax liabilities
  • Should you consider the purchase of a specialised investment to reduce IHT?