Passing on a lifetime's wealth to those you choose
When you have spent a whole lifetime building up your personal wealth, you want to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the Taxman.
And yet, all too often, we meet clients who are shocked at how much of their inheritance is taken from their beneficiaries before they even see it! At present rates, the Taxman can take up to 40% of your estate once you pass the tax free threshold.
Inheritance tax (IHT) used to be referred to as a 'voluntary tax' for the very wealthy, but with current property values, many more estates have come within the Taxman's reach.
There will be emotional and practical decisions to make. Unfortunately, there will also be major tax issues at stake.
This makes estate planning all the more necessary - and all the more urgent.
There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning - often over a long period.
Lifetime gifts, the judicious use of trusts, and care with transfer of agricultural and business property can all help to reduce your IHT liability.
It is also possible to mitigate potential inheritance tax liabilities by arranging adequate life assurance cover.
We can help you with your estate planning, including succession planning and business exit strategies.
We can also help with the review and updating of your will.
Call 01580 765 088 today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. But don't leave it too late!.
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