Estate Planning & IHT

Home Estate Planning & IHT

With over £5 billion being paid to HMRC annually in Inheritance Tax (IHT), it is clear, individuals can improve their tax efficiency in later life through better estate planning.

If you have been building up your assets throughout your life, you are probably looking to pass on as much of your wealth as you can to family when you pass away. With property prices rising substantially over the past 50 years, you don’t have to be exceptionally wealthy to leave behind a large inheritance tax bill.

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Our estate planning service can help you pass on more of your wealth to your family.

Without planning ahead, any part of your estate over the threshold of £325,000 could be taxed at 40%, this can result in your family missing out on a large part of your wealth.

Our Estate Planning service begins with:

  • Identifying your immediate and future needs taking into consideration potential provisions for long term care
  • Discussing your gifting wishes whilst you are alive
  • Understanding how your estate is to be distributed
  • Investigating the potential need to create Trusts, if appropriate to protect your wealth
  • Assessing the appropriateness of tax efficient investment plans that qualify for Business Relief – an investment that if held for 2 years qualifies for an IHT exemption
  • Planning on providing the liquidity required to settle any taxes on your estate
  • Considering the role of Life Assurance to fund any tax arising on your residual estate
The details of your actual plan are completely bespoke to your needs and wishes, we take time to understand these in our initial, complimentary, no-obligation discovery meeting.
Our main aim is to achieve inheritance tax exemption for your estate and deliver as much of your wealth to your loved ones once the inevitable occurs. We work with you to ensure you achieve your goals. If you would like to achieve peace of mind and a tax efficient plan for your estate, speak to our team of Chartered Financial Planners.

Download our ‘Guide to Protecting your Estate’ below for more information on the solutions available to reduce the amount of inheritance tax your estate will have to pay

Understanding how your wealth is to be distributed to your beneficiaries when the inevitable unfortunately occurs is something to think about sooner rather than later, and whilst you still have the mental capacity to do so. There are, however, several things to consider before that happens. One of which, in addition to ensuring your Will is up to date, is to consider making things easier for those you leave behind through a document containing details of your assets and wishes.

We have designed a ‘What I Own & Where I Keep It’ document for you to populate and update periodically to ensure your beneficiaries can locate your wealth and wishes with ease.

Download our ‘What I Own & Where I Keep It’ document below to make your estate and wishes easier to locate. Please note, this document does not replace your need for a Will.

What I Own & Where I Keep It Document

Guide to Estate Planning

Further information about IHT & Estate Planning:

Estate Planning & IHTInvestment Solutions
A lifetime’s accumulated wealth will include...
A lifetime’s accumulated wealth will include assets such as a private property, savings, investments and perhaps also shares. Where assets are liquid, a...
 Find Out More
Estate Planning & IHTWhole Life Insurance
Where wealth consists mainly of illiquid...
Where wealth consists mainly of illiquid assets, such as property, an appropriate life policy in trust can provide the means to settle the Inheritance Tax...
 Find Out More
Estate Planning & IHTTrust Planning & Solutions
Lifetime transfers of wealth can be made in...
Lifetime transfers of wealth can be made in trust as a form of asset protection and to ensure monies reach the intended beneficiaries. Contact our trust...
 Find Out More
Estate Planning & IHTWills & Powers of Attorney
You will be aware of the need to have a valid...
You will be aware of the need to have a valid Will, however this is often overlooked as is the need to regularly update the Will to ensure it continues to...
 Find Out More
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As you approach later life, thoughts inevitably turn to making provisions for your children and grandchildren with the wealth and assets you will one day leave behind. One of the key concerns people have around estate planning is how to avoid burdening beneficiaries with unnecessary Inheritance Tax (IHT) bills.

Balanced by the need to maintain your own financial stability throughout retirement, IHT liabilities can be reduced by transferring wealth to loved ones during your lifetime. A combination of gifts and trusts provide legitimate vehicles to this end, while investment planning and life assurance can be used to further lower or offset tax costs.

Our experienced professional team of financial advisers will help you understand the rules and quota limits relating to gifts and trusts, the best ways to organise investments from a tax perspective, and how whole life insurance policies can be used to generate capital sums that cover IHT owed on estates.

The starting point for our estate planning strategies is always your wishes – how you want your estate to be managed, who you want the beneficiaries to be, and what you want the outcome to be in material terms. Guided by you, our specialists will put the plans in place to ensure your wishes are honoured.

Estate planning services summary

  • Trust Planning & Solutions. Trusts offer a means of transferring wealth during your lifetime and protecting assets from IHT liabilities. Find out more here about how we can advise on the different types of trust available, and help trustees meet their legal obligations.
  • Financial Investment Advice. Certain investments become exempt from IHT after a specified period of time. Read more about which investments offer the best options as part of your estate planning strategy.
  • Whole Life Insurance. In the case of illiquid assets, such as property, appropriate life policies in trust can generate payouts which offset the IHT liability on your estate. Learn more here.
  • Wills & Powers of Attorney. We do not provide a will writing service, but we can offer specialist advice on the role of wills and powers of attorney in estate planning and management, as explained further here.
  • Bereavement advice. If you have suffered a recent family bereavement, we can help you through the often challenging process of obtaining a grant of probate.
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