Estate Planning & Wealth Preservation

When managing their wealth, individuals and families usually have two main objectives – to have sufficient funds to support their lifestyle, and to ensure that their estate is distributed according to their wishes thereafter.

If you are planning on leaving assets to your family or others on death or wish to gift assets during your life-time, there is a real risk that the value of these assets will be significantly reduced by inheritance tax (IHT).

Inheritance rates have seen many changes over the years, and as governments continue to introduce new rates, tax free thresholds, and tax reliefs, it has become more important than ever to plan ahead. We aim to advise our clients how best to utilise available reliefs and to devise durable structures to benefit you, your family and the next generation.

Tax considerations

  • If there is Inheritance Tax (IHT) to pay, it’s
    charged at 40%
  • There’s no Inheritance Tax to pay if either:
    • » the value of your estate is below the Nil-rate
      Band threshold
    • » you leave everything above the Nil-rate Band
      threshold to your spouse, civil partner, a
      charity or a community amateur sports club
  • If you give away your home to your children or
    grandchildren your threshold can increase.
  • Upon death any unused threshold can be added
    to your partner’s threshold. Meaning that their
    threshold can be much higher
  • Gifts made three to seven years before your
    death are taxed on a sliding scale known as
    ‘taper relief’. After 7 years they are IHT exempt.

Succession planning

  • Wills
  • Life insurance to cover IHT liability
  • The Loan Trust
  • The Discounted Gift Trust (DGT)
  • Lifestyle Trust
  • Family Trusts
  • Tax efficient gifting Strategies
  • Insurance (towards Capital Acquisition Tax)
  • IHT Tax Relief
    • » Business Property Relief
    • » Agricultural Relieff
    • » Woodland property Relief
    • » Heritage Relief
  • Structures for Incapacitated Individuals
  • Power of Attorney