Estate and tax planning

It will come to us all in the end – the day when you or a family member ceases to receive a monthly pay cheque. But, have you got everything in place to really enjoy this time and to deal with what retirement might throw at you? We can help ensure that you’re as prepared as possible.

Here are just a few questions you might want to ask yourself as you approach retirement:

  • I haven’t looked at my Will for ages, would now be a good time?
  • What can I do to reduce Inheritance Tax?
  • How can I raise some capital from my house?
  • Who will look after my affairs if I am mentally or physically too frail to do so myself?
  • How can I help my parents with their nursing home costs?
  • Should I make provision now in case I need residential or nursing care in the future?
  • I want to provide for my grandchildren’s further education and development, so should I establish a trust fund?
  • My elderly aunt who has no other relatives needs someone to help run her affairs. How can I do this?

Recent legislation has made decision making more dificult, so obtaining expert advice is imperative. We can work with your existing financial advisers or recommend experienced independent advisers to achieve the best arrangements for you and your family.

We can help you plan your future to provide what’s best for you and your family.

This will involve making a Will and may involve the creation of a Trust(s).

Following the Chancellor’s recent pre-Budget speech we have produced this information to reassure our clients about the impact of the changes to the Inheritance Tax rules.

In fact, very little has changed.

The Nil Rate Band allowance (ie. the amount that each person can give away free of tax on death) is £325,000.

Lifetime gifts are still the same:

  • £3,000 per annum
  • £5,000 to children on their marriage
  • £2,500 to grandchildren on their marriage
  • Regular gifts out of income
  • Lump sum gifts subject to the seven year survival rule

The only change is that the Nil Rate Band allowance can now be transferred between spouses or civil partners so that on the death of the second spouse/civil partner the sum of £650,000 can be left tax free to their children or other beneficiaries instead of just £325,000. This benefit has also been extended to existing widows/widowers.

If you have already made Wills to include a Nil Rate Band Discretionary Trust, these do not need to be altered. The Wills still give you the same tax advantages as originally intended.

If you are still considering Nil Rate Band Discretionary Trust Wills, please remember that even if you no longer need protection against Inheritance Tax, these Wills can also give protection against the effects of long term care home fees and can provide you with extra flexibility in the distribution of your estate to your children and other beneficiaries.

The most important thing is to ensure that you have a Will which does what you want it to do.

Who to contact

If you would like more information in respect of this service including details of fees and expenses and an idea of the process involved and how to get started then please contact: