Estate planning

Although death is, in itself, not something we generally wish to talk about clearly a lack of estate planning can have disastrous consequences in terms of the taxman and for those we leave behind.

With the marked increases in property values and the fact that the inheritance tax (IHT) threshold has not kept pace therewith many more people will now be within the IHT threshold. This means that above the nil rate band the value of an individual’s estate is charged at 40% on death.

We are able to advise on reducing your potential tax liability in a number of ways:

  • The use of lifetime gifts within seven years of death
  • Gifts in contemplation of marriage
  • Annual gift exemption
  • Business and agricultural property relief
  • Nil rate band discretionary will trusts
  • Ensuring adequate life assurance cover to mitigate potential IHT liabilities

Chartered Accountants

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Sage Business Software

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