Inheritance Tax, Trusts and Executorships
Few of us like to think about dying, but equally few of us want to live with the thought that we have not made adequate provision for family and friends who survive us. Inheritance Tax (IHT) is a swingeing 40% chargeable on estates valued at less than the price of an average london house.
Trusts can be a relatively easy and tax-efficient way to legally set aside assets for future beneficiaries outside the inheritance tax thresholds. We can advise on the most suitable type of trust for our clients, set up a trust and provide a full range of accounting services for trusts.
We can also advise on the preparation of Wills and where appropriate, we can act as trustees or executors.
The legislation that governs passing on an inheritance to chosen beneficiaries requires advance planning. Since none of us knows when we shall die, this means making the necessary provisions now.
The earlier the arrangements, the greater the chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth a person has worked hard to accumulate will end up in the Government's coffers!
As Benjamin Franklin said: “nothing can be said to be certain, except death and taxes”.
It is equally important when planning to transfer your estate that adequate provision is made for yourself and your partner in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime.
We provide a discreet estate planning service that includes:
- help with drawing up and reviewing wills
- making full use of exemptions and lower tax rates on lifetime transfers,
- optimising lifetime transfers between spouses,
- transferring agricultural or business property,
- transferring assets into trust,
- advising on adequate life assurance to cover potential inheritance tax liabilities.