Tackling Inheritance Tax
Death and taxes are the two certainties in life.
Our responsibility is to protect your legacy for your loved ones.
How we can help
Fortunately, there are many options for protecting your capital from risks in a tax-efficient way.
All you need is a knowledgeable guide.
We will advise you on the best way for you to keep your money safe.
We work with many local solicitors, who help us ensure that your financial and legal arrangements are perfectly aligned.
Take the first step towards helping the next generation
Case Study
A couple's tax planning
Recently a retired couple approached us after being referred by their solicitor for advice on estate planning. As they are in their 70s and comfortably well off, their minds had quite rightly been focusing on estate planning and how best to maximise the legacy they wanted to leave to their family. Background research had proved unreliable and confusing, with conflicting guidance, unusual terminology and complex calculations involved!
We met for the first time to determine a clear starting point. We established their combined net worth was in the region of just under £2million including their property, chattels, savings and investments. We also determined no significant gifts had been made in the recent past and their wills were up to date.
We confirmed what allowances the clients are entitled to, namely the Nil Rate Band and the Residential Nil Rate Band, for which they met the criteria. We then established how much of their estate is currently over the threshold and what the tax liability would be at present if they passed away.
We discussed how to go about addressing this potential liability over time, in a manner which did not cause unnecessary complications and did not conflict their primary goal of looking after their retirement.
As with some many areas of financial planning, the solution was found not in a product, but in a range of measures which are expected to address the liability over a period of time.
