Inheritance Tax Planning

Your estate may be impacted by Inheritance Tax if the total value your assets less the total value of any debts you have at the date of your death is greater than £325,000.

Talk to one of our friendly and experienced team on 01582 514000

Thoughtful planning can ensure that you maximise the use of allowances available to you both before and upon your death. Inheritance Tax planning can be considered in three main areas:-

Creating an Inheritance Tax efficient Will.
Consideration of lifetime gifts.
Creation of appropriate Trusts.

If you are not sure whether your estate is liable for Inheritance Tax or if you are concerned about this then we can advise on the options that are available to you to ensure your financial affairs are in order from an Inheritance Tax perspective.

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Trusts

Trusts can be created for a number of different reasons. They are commonly created in a Will and can also be created during a person’s lifetime. This may be for tax or other planning purposes and we can advise on the options that are available to you in your circumstances. Once established a Trust is under the control of Trustees who manage the Trust according to the Will or instructions when the Trust was established.

Common reasons for setting up a Trust will include:-

Protecting against care fees in the future.
Providing for children or partners from different relationships.
As part of ongoing tax planning.
Tax-efficient funding of private education for grandchildren.

The rules can be complex and it is important to understand and seek advice as to the best type of Trust for you to establish.

We prepare the Trust documents and can assist with the ongoing administration of the Trust if required. We can also assist Trustees to ensure their role and duties are understood in the ongoing administration of a Trust.