Inheritance planning is easy to put off but vital if you are to ensure that your family is protected and your wishes met. Surprisingly, so few people do anything about their potential Inheritance Tax liability that HMRC collected £3.8 billion in 2014/2015 alone (Source: ONS July 2015).
Our approach is a practical one. We take stock of your overall estate position, which encompasses worldwide assets, not just those in the UK.
And then we ask – what are your wishes? How will you account for the needs of your spouse or partner or any dependents? Will they have sufficient capital and income? What about legacies?
Tax planning can help you to take maximum advantage of the exemptions and reliefs that are available. For example there are particular reliefs regarding business assets. These need careful management; there are a number of potential pitfalls. But there are also opportunities to mitigate inheritance tax through different routes including your will, trusts, inheritance tax plans, and the use of exemptions as just a few examples.