Financial success isn't about how much money you have, but being able to enjoy life to the full.
Estate Planning is much more than paying inheritance tax on the death of a loved one. Some want to provide for the next generation or leave money to a charity when they die, others want to ensure that HM Revenue & Customs won’t be the biggest single beneficiary of their estate when they die. Below are a few solutions our qualified specialist succession planning strategy experts can help with.
In April 2017 the government introduced the Residential Nil Rate Band (RNRB) it is an additional allowance for passing on the family home to direct decedents (child, step-child, adopted child or foster child) and lineal descendants.
The current allowance is £150,000 for 2019 to 2020. It will increase to £175,000 in 2020 to 2021, it will then increase in line with Consumer Price Index (CPI).
It has some complicated rules; for larger estates the allowance is reduced, and it cannot be used against buy to let property. There are other qualifying factors and our financial adviser can go into further details with you.
Anything that has a value; possessions such as money, property, art, classic cars etc.
Having a succession planning strategy and plan in place ensures that you preserve and protect the assets you have worked hard to build up.
We can help you:
It is important to ensure your Will is up to date. Having a Will ensures your wishes are carried out after your death. We can review your Will and where necessary refer you to a specialist solicitor.
It is not usually one solution but a combination of options that are best suited to an individual's needs which is why when you call to discuss your need for inheritance tax planning advice we take the time to discuss your needs and introduce you to one of our hand-picked local trusted IFA's with a specialism in IHT planning.
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