Estate Planning

If you want to safeguard your and your family’s assets and financial wellbeing, estate planning is key.

The following is a list of things you can do to avoid or reduce your tax obligations:

  • Make a Will – a Will allows you to document how you want your assets to be distributed, and to whom, once you die. Dying intestate (i.e. without a Will), means your assets may be taken over by individuals you may not want, be subject to unnecessary tax and the process to manage your estate will become inconvenient and longer.
  • Give gifts to family and friends – gifts given to people that you choose, will also be exempt if you donate less than £3k.
  • Give gifts to charities – donations to charities are exempt from IHT (inheritance tax) and if you donate more than 10% of your estate to them, the 40% IHT reduces to 36%.
  • Business Relief – HMRC allows individuals to pass on their own business assets to others
  • Create a trust fund – a trust enables the assets to be protected from IHT and if any life assurance policies are included in the trust, the amount paid out is also protected.
  • Set up life assurance policy – life assurance policies are a great way to cover any potential IHT liabilities that may arise in the future.
  • Transfer assets to your spouse or partner – whether you’re married or are in civil partnership, assets transferred to your partner are free from IHT.

As you will see from the above list, the sooner the planning is completed, the greater the likelihood that you’ll be able to save on IHT, income and capital gains taxes.

Our tax specialists seek to first understand what you want to achieve and then recommend various bespoke options to help you achieve your goals and work with you to implement your decisions.

If you want to learn more about how to reduce your tax exposure, please contact us.

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