Inheritance tax (IHT) is an issue that many people believe won’t affect their estate. But with thresholds having remained static while asset prices continue upwards, more people than ever are realising that they need to take steps to avoid IHT taking a bite out of their estate.
Our comprehensive Estate Planning advice is the first step towards protecting your wealth for your chosen beneficiaries.
We’ll help you to get an accurate picture of the value of your assets – property, savings, investments and personal possessions – and understand your potential IHT liabilities. Then we’ll talk you through the implications of decisions about how to distribute your wealth before and after your death.
An essential step is writing a will. We’ll help you to assess whether an existing will disposes of your assets in the most tax-efficient way, point out opportunities to reduce your potential IHT liability where possible, and suggest options if you need to write a new will.
If you’re married, we’ll look at ways to make the most of both partners’ tax allowances, and if you’re not, but live with a partner, we’ll advise on whether marriage or a civil partnership would be a tax-efficient move (who said romance is dead?).
We’ll look with you at ways to minimise your estate during your lifetime, considering options like trusts, investments that attract tax relief, and gifts, along with the most tax-efficient options for your home ownership – many people’s most valuable asset.
If an IHT bill seems inevitable, we can also advise on ways of funding it that won’t leave your heirs with the problem of how to pay it after your death, and which will also ensure that you retain control of your wealth during your lifetime – giving you the confidence that you can afford to maintain your lifestyle, and, if necessary, the cost of care later on.
We also remind many of our clients to consider whose wealth it is to start with. Sometimes, if the only alternative is a large tax bill, the best answer might be to spend it and enjoy life while you still can.
I needed advice on a couple of dormant pensions hoping to release some cash to improve my poor financial situation. She kindly helped me to understand my position and advised accordingly allowing me freedom to make a decision with no pressure whatsoever.
Simon has looked after many of my financial affairs and mortgages for over 15 years. The firm’s service and advice have been first class and excellent value throughout.
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