Inheritance Tax & Estate Planning
Financial Advice for Passing on an Inheritance
Estate planning isn’t just about passing on money when you die – it’s also about enjoying life now and ensuring you have enough to live on. Every family has different needs and thanks to our in-depth knowledge of tax-efficient solutions, we help our clients achieve the right balance between living comfortably now and leaving a legacy for the next generation.
Our Inheritance Tax and Estate Planning Solution
Passing on your assets effectively
Many people like to keep an element of control when passing on their assets. They may wish for their money to be used for a particular purpose, such as paying school fees, or simply want to make sure their money stays within their family. We advise on how to ensure your money is passed on to the people you want, for the reasons you choose.
Making financial gifts
There are many options available for passing on money - ranging from one-off cash gifts to gifting a regular income, or establishing a trust where future control is important. We advise on the options available to guide your decision-making. We also help you to use your annual gifting allowances and navigate the potentially complex tax rules.
Planning how much you can afford to spend and give away
Estate planning generally involves spending and giving away money, but some people are reticent to do so because of concerns that they may run out in later life. We advise on how much money you will need to maintain your lifestyle, while accounting for other potential expenses such as the cost of long-term care. For this reason we usually advise our clients on estate planning as part of a discussion about their broader financial plan.
Managing an Inheritance Tax bill
Estate planning can save a substantial amount of tax. Taking action early ensures that your assets are passed on in the most efficient way - meaning that much more of what you have earned will go to your beneficiaries and far less lost in taxes. We help to manage, reduce or eliminate your Inheritance Tax bill.
Using trusts
Trusts are a potent estate planning tool with many different uses. You may opt to leave a gift in trust so that the money can only be accessed at a certain time or for a particular reason. Life insurance can also be set up in a trust, so that the money can be accessed immediately to pay an Inheritance Tax bill.
The Financial Conduct Authority does not regulate Inheritance Tax Planning, Estate Planning & Trust Planning. The value of tax benefits described depend on your individual circumstances. Tax rules can change.