Inheritance Tax
IHT is a complex subject, affecting more and more people. After your death, the government will assess how much your estate is worth; this includes cash, investments, any property or business you own and certain gifts you may have made in your lifetime. If this exceeds the threshold set by the Revenue your estate will pay tax of 40% on the excess when you die. More and more people have been pushed over the threshold by rising property values over the last 20 years.
Effective Inheritance tax planning can save many thousands of pounds in tax enabling you to pass over wealth that you have created.
Estate Planning
Estate planning is about ensuring adequate provision is made for your loved ones after your death. The more in advance this is put in place, the greater the available tax advantages - meaning the more money will go to beneficiaries.
As important is that you make appropriate provision for yourself, and your partner, in later life. This is no mean feat in that you are planning for the unknown in terms of life-expectancy and health.
Swindells can advise on any advantages available by transferring assets: before death, into trust or between husband and wife (or between civil partners).
Trusts
Trusts are an effective way of protecting future use of an asset while protecting it against tax liabilities. Swindells can also provide full support to the trustees and beneficiaries in managing the trust.
Some of the advantages of a trust are:
- Provides control on where your assets go.
- Restricts access to capital - especially useful for minors and second marriages.
- Provides financial security for elderly or infirm relatives, or others unable to manage their own financial affairs.
- Reduces exposure to inheritance tax and other taxes.
- Ensures that a surviving spouse or civil partner can benefit from income, while capital remains protected for future generations.
- Protects assets, should you suffer from incapacity.
- Creates a lasting legacy by assigning an asset in a charity or foundation
Contact us
To make an appointment to discuss Inhertitance Tax Planning; Retirement and Estate Planning, contact Head of Taxation and Private Clients, Robin Stevenson by emailing robins@swindellsaccounting.co.uk
