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Estate
Planning
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Capital
Gains Tax and Inheritance Tax at 40% can seriously damage your
wealth. The motive of the estate planning is to formulate a plan
to preserve your resources and maximise your wealth, for the benefit of
you and your family, in the most convenient and effective way and at the
lowest tax cost. It is not a once in a lifetime scheme which
solves all problems for all time, but rather a strategic plan continuing
through life and periodically reviewed as personal circumstances and
fiscal legislation change. We have built up considerable expertise
in the field of estate planning and can provide comprehensive advice on
how best to arrange your affairs.
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Inheritance
Tax (IHT)
The
Inheritance Tax limit (known as the "Nil Rate Band") is
£312,000 in the current tax year 2008/09. Add up the value of
your house, car, investments, insurance policies, and business interests
- if the total is more than the Nil Rate Band, then your estate may be
liable for IHT on your death. We will review your assets and
advice you how to preserve your estate and reduce any potential IHT
liability e.g. by reviewing your Wills, transfer of property,
creation of trusts.
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Trusts
The
use of trusts is an important way of preserving your assets and saving
tax, both during your lifetime and after your death. We can tell
you about the legal and taxation implications of creating a trust,
advise on the trustees' responsibilities and duties, highlight their
options and choices throughout the lifetime of the trust, and deal with
the winding up of the trust.
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Business
and Farming Interests
Clients
who own a business or a farm want to protect the assets which they have
worked hard to build up. We can advise on:-
Succession on the death of
a proprietor, partner or director/shareholder.
Partnership agreements.
Shareholder agreements.
Protecting
death-in-service benefits from tax.
Passing the business or
farm on to the next generation.
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