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Advice & Planning

  • Planning for inheritance means that you can avoid the kind of risks described on the website HERE.
    Planning ensures your wishes will be fulfilled, that bequests go to those you intended to receive them and that relevant tax planning means your family pays no more than is necessary.
     

  • The bottom line is, that in our experience, most people’s knowledge when it comes to Wills and Inheritance Tax related matters is pretty limited
    and our advice and help can have great value.
     

  • In the first instance it’s important to ask for advice, whether it’s about Wills, or Trusts or anything to do with inheritance and protection. Whether you have anything in place already or not.
     

  • An initial conversation and providing basic advice relevant to your family circumstances generally is provided fee free. If it emerges that complex detailed advice is required there may be a fee but this will always be discussed with you in advance.
     

  • When it comes to Inheritance Tax (IHT), proper planning might legally and effectively make a big difference for those with a substantial exposure.
    However this may not be possible in all cases.
     

  • Gifts can play a significant part in managing IHT by reducing the value of a taxable estate. For example:

    • Up to £3,000 in any tax year can be given by an individual free of IHT

  • Gifts contd...

    • Additional gifts up to £250 without limit can be given by an individual free of IHT​

    • Larger sums can be given subject to something called the ‘7-year rule’

    • Trusts can be used to hold gifts

    • These are just some of the gifting options, and the rules can be complex - so ask.
       

  • Money gifted for children’s or grandchildren’s education may be free of IHT.
     

  • Be aware that it’s extremely important to keep a proper record of what gifts have been given within the past 7 years.
     

  • Some individuals and families own multiple properties, perhaps one or more holiday homes or rented properties, either residential or commercial. When the majority of wealth is vested in property it’s very important to get advice on the Inheritance Tax situation as the tax bill may otherwise be substantial. Proper, legally sound planning and actions might make a big difference.
     

  • Where ownership of one or more businesses or business interests form part of an estate, again it’s important to get advice concerning IHT.
     

  • We know our stuff when it comes to these things so a conversation could well be beneficial.

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