Estate & Tax

Planning for your wealth preservation and the eventual transfer of that wealth When you’ve worked hard and invested carefully to build your wealth, you want to look after it. That’s why it’s important to plan for your wealth preservation and the eventual transfer of that wealth. If you’re considering making a gift to someone, there are a few things you…

Factors likely to have a lasting and positive impact on wealth. Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of HM Revenue & Customs. With careful planning and professional financial advice, it is possible to take preventative action to…

A key solution for significantly reducing a potential future Inheritance Tax bill. If you have business owner status, or have shares of a business, this will be reflected in the value of your estate. Business Property Relief is a valuable Inheritance Tax relief for business owners, whether making a lifetime transfer or on death. Business relief is either 50% or…

Allowing someone to make decisions for you, or act on your behalf. A Lasting Power of Attorney (LPA) enables individuals to take control of decisions that affect them, even in the event that they can’t make those decisions for themselves. Without an LPA, loved ones could be forced to endure a costly and lengthy process to obtain authority to act…

Considerations when making a Will. Thinking about death isn't easy. Talking about it is even harder. The reality of our own mortality is a tough subject, but a discussion will ensure your assets are left to the right people. If you want to be sure your wishes are met after you die, then it’s important to have a Will. A…

Distributing financial wealth or possessions in an orderly fashion. A valid Will is an incredibly important part of estate preservation planning and will ensure that should the worst happen, your assets, whether they be financial wealth or possessions, are distributed in an orderly fashion to the right beneficiaries. It’s important to make sure that after your death, your assets and…

Remember the seven-year rule. An outright gift falls into one of two categories, depending on the type of gift and to whom it’s made. These categories are Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs). Inheritance Tax exemptions can be achieved by means of making certain exempt transfers, which apply in a number of cases including wedding gifts, life…

Owning a residence which you leave to direct descendants. The introduction of the ‘residence nil-rate band’ (RNRB) has made it easier for some individuals to pass on the family home. The rise in property prices throughout the UK means that even those with modest assets may exceed the £325,000 ‘nil-rate band’ (NRB) for Inheritance Tax. On 6 April 2017, the…

Across a complex playing field of asset management, taxation, exemptions and reliefs, without professional guidance, Inheritance Tax (IHT) can cost families thousands of pounds. Navigating the ins and outs of IHT is challenging, but with some professional support and planning, it is possible to give as much of your hard-earned wealth as possible to your family or other beneficiaries. IHT…