Estate planning

A pile of balanced rocksDid you know that if a friend or a member of your family with an estate worth more than £1million were to hear the sad news that they were terminally ill with only months to live, they will be facing a massive Inheritance Tax bill unless they speak to a specialist inheritance tax planner like us?

We can introduce them to specialists who will sometimes be able to share strategies that can legally but effectively remove their assets from their estate to mitigate that massive tax burden that would otherwise be imposed on their beneficiaries.

Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.

The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now.

The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!

It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime.

We provide a discreet estate planning service that includes:

  • Help with drawing up and reviewing your will
  • Making full use of exemptions and lower tax rates on lifetime transfers
  • Optimising lifetime transfers between spouses
  • Transferring agricultural or business property
  • Transferring assets into trust
  • Arranging adequate life assurance to cover potential inheritance tax liabilities

We strongly advise you to begin your estate planning right away by contacting us for a preliminary review.

For more information contact our associated business Wealth Improvement Network

Call Michael Ogilvie on 01323 720555 for one of our Personal Balance Sheet Calculators.

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