Traditionally it is considered that this may only be a problem effecting the richest in society but in reality it is a growing problem for middle class families, this may store up real problems for loved ones if you don’t address any inheritance tax issues.
Careful planning takes time but the good news is that speaking with an expert can pay dividends and keep your hard earned assets away from the state.
Inheritance Tax; - it is, broadly speaking; a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.
Roy Jenkins former Chancellor of the Exchequer.
How we can help you?
Wills and lasting power of attorney are the foundation of all estate planning solutions, to ensure your estate is distributed as you wish it is crucial that your will outlines exactly who gets what upon your demise.
Trust can be the most effective part of potentially mitigating any inheritance tax liability but these often take seven years to have any impact. There are many different types of trust available and these can ensure that parts of your wealth can pass to children or other beneficiaries.
Trusts can often give flexibility and control in managing what happens to your assets after your death alongside saving up to 40% in inheritance tax charges.
Things you need to be aware of….
The laws and tax implications are always changing and we can help you understand the best options available. We will also help your trustees, explaining their roles and responsibilities in passing on your assets.
Every individual as a nil rate band which is currently £325,000 if you are single or divorced or £650,000 if your married or have been previously widowed (2017/18 tax year).
If your total estate value is above your nil rate band inheritance tax will be applied to everything you own above it at a rate of 40%.
As well as your nil rate band you have a residence nil rate band which was gradually introduced in April 2017, and will reach £175,000 per individual by the 2020/21 tax year.
There are many ways you can make plans towards addressing your inheritance tax liability.
The Financial Conduct Authority does not regulate some aspects of Trust, Tax and Estate Planning.
WHAT PEOPLE SAY
CUSTOMER REVIEWS
“I’ve know Andy in both a business and personal capacity for almost 20 years and have found him to be knowledgeable, personable and trustworthy across a wide range of personal and financial issues”
Harrogate
Andy Roberts has been our financial advisor for over a decade - when he began working with us he was very helpful in separating the financial wheat from the chaff with redundant policies, setting up ISAs and guiding us wisely regarding our savings. In the last few years Andy has helped us in the planning of the end of my career in the NHS as I worked towards retirement and he has helped my wife and I with our pensions, in my case negotiating the lifetime allowance implications. Andy has been a reliable and approachable advisor who has provided accessible and grounded advice to help us in our financial decisions. He is a warm and personable man whom we found it most enjoyable to work with.
