Estate Planning
"NOTHING IN LIFE IS CERTAIN EXCEPT DEATH AND TAXES”
– Benjamin Franklin
Inheritance tax is not just for the rich however most people simply dismiss the possibility that their estate could ever be liable, regrettably leaving the beneficiaries to suffer the consequences of Inheritance Tax (IHT) at the rate of 40% over the current nil rate band of £325,000. (2021/22)
Despite recent changes including the introduction of individual nil rate bands for married couples and recognised partnerships, thus providing a potential combined nil rate band of £650,000, IHT still remains a problem for a great many.
The dilemma for many individuals is what actions can be taken without compromising their own financial position. Most individuals will naturally wish to control their capital and enjoy the income stream from their assets thus do not, or cannot afford, to make capital gifts to their heirs.
Like other aspects of financial planning there are many options and allowances available, not forgetting the importance of making of a Will. It is our role as independent financial advisers to design appropriate recommendations to suit your circumstances and meet your specific objectives which could include lifetime gifting, charitable gifts and establishment of appropriate Trusts.
We work closely with solicitor firms and therefore we can refer you to an appropriate firm for expert preparation of your Will.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE ESTATE PLANNING.