Estate Planning

Why is it that the two certainties of life should happen at the same time?  But as the rules currently stand, the value of estates above the Nil Rate Band are taxed at 40% on death.  You cannot escape death, but it is possible to use a variety of tax planning strategies to minimise the impact of inheritance tax. 

Some strategies can be extremely legalistic and complicated, exploiting loopholes in the legislation.  Such arrangements can be expensive, due to their complexity, and occasionally they backfire incurring additional fees and unwanted tax charges.  In other words, Estate Planning can be risky.

There are reasonable steps that you can take to reduce your Inheritance Tax liability, simply by following the rules (rather than trying to sidestep them).  Knowledge of the tax rules and their practical application is the backbone of all our financial planning strategies.  We firmly believe that you do not always need a financial product or a confusing Trust document to reduce the value of your taxable estate.  Indeed, we find that the most effective Estate Planning actions you can take frequently align with your own lifetime interests.

Before you consider tying up your assets into convoluted tax planning schemes, make sure that you have taken the appropriate simple steps first.  In our experience the right approach to reducing your Inheritance Tax Liability will vary according to the level of income or access that you might require from your capital.  This might be determined by your age, your health, the needs of your children, or just by the way you choose to enjoy your assets during your lifetime.

We understand how people need to live and we have the necessary skills to determine the best practical approach to Estate Planning.   

For further information or to speak to an adviser, please use the link above.