Protect Your Wealth and Assets for Your Beneficiaries

Managing your assets carefully ensures that your family doesn’t pay more tax than necessary in the future. Your beneficiaries could face significant inheritance tax (IHT) liabilities without proper planning. Effective planning increases your chance of taking full advantage of tax opportunities.

Estate Planning Services

We help clients plan their estates effectively so the wealth they have built up can be passed down to the next generation efficiently. Our services include various options, such as trusts and tax planning strategies, to reduce your family’s exposure to inheritance tax.

Our Key Services Include:

• Reviewing Your Will: Make sure your will reflects your wishes and maximises tax savings.
• Exemptions and Lower Tax Rates: Utilise exemptions and lower tax rates on lifetime transfers.
• Spousal Transfers: Optimise lifetime transfers between spouses.
• Property Transfers: Transfer agricultural or business property efficiently.
• Life Insurance: Arrange adequate life insurance to cover potential IHT liabilities.
• Trusts: Transfer assets into trusts to manage and protect your wealth.

Understanding Inheritance Tax

Your estate will be subject to IHT if it exceeds the individual nil-rate band, currently set at £325,000. Calculating IHT involves counting the value of all assets and subtracting the nil-rate band and the residence nil-rate band (RNRB) if applicable. The remaining amount is taxed up to 40%, paid by your estate.

If your spouse dies before you without fully using their nil-rate band, the unused amount can be carried forward to use when you die.

Residence Nil-Rate Band

An additional nil-rate band of up to £175,000 applies if you give away your home to your children or grandchildren. This can be combined with the individual nil-rate band, allowing up to £500,000 to be free from IHT. Married couples or civil partners can combine their nil-rate bands, making the first £1,000,000 of their assets, including property, free from IHT.

Estate Planning Benefits

• Create a Will: Draw up a will that clearly states your wishes and helps save the maximum amount of tax.
• Gifts to Family: Reduce the value of your estate by giving financial gifts while still alive.
• IHT-Efficient Funds: Use products that enable beneficiaries to meet IHT liabilities without disturbing family wealth.

Estate Planning Overview

Estate planning focuses on passing on your assets in the most effective way both during your lifetime and after you die. Managing inheritance tax (IHT) is a significant part of estate planning, helping to minimise the impact of IHT on your finances. Estate planning also ensures that you have the money you need for your lifetime and gives you the confidence to make financial decisions, including gifts to family and causes that matter to you.

What is Inheritance Tax?

Inheritance tax is a tax on your estate, typically paid by those who inherit your estate after you die. It includes worldwide property, savings, investments, and other assets. IHT is only payable on estates above a certain threshold, and there are many ways to minimise or eliminate this tax with planning.

Managing an Inheritance Tax Bill

• Making Gifts: Give to family, loved ones, and charities to reduce estate value.
• Pensions: Use other assets for retirement income and pass on your pension.
• Life Insurance: Take out a policy to cover the IHT bill.
• Tax-Efficient Investments: Use investments that benefit from Business Relief.

All Inheritance Tax Solutions

Our services are matched for all of your inheritance tax needs.