Inheritance Tax planning

Quality advice

Everything in your possession – money, investments, property – make up your estate that you leave to your family, friends or charity. If you don’t carefully plan, consider how your estate is made up, and how it is going to pass to your loved ones (hopefully following the terms of your carefully considered will) then a lot of its value may be lost to inheritance tax charges. We can advise in advance what this liability is likely to be so you can plan both how to minimise it and also how any liability will be met effectively by the next generation.

As well as planning to reduce the amount of inheritance tax, it is also important to protect your assets for both any surviving spouse and future generations. Estate planning is a complex and intricate process that requires a lot of experience and foresight to get right. That’s why you should always seek the assistance of a suitably qualified accountant or financial adviser. At bennettbrooks we have qualified and experienced members of the Society of Trust and Estate Practitioners and so we are well placed to advise.

We’ll work by your side to devise the best plan that considers the makeup of your estate and complies with your wishes. The main idea is to bring the value of your estate as close to the threshold at which inheritance tax is chargeable and make sure all available reliefs and exemptions can be accessed. There are many ways this can be done, by making sure extra reliefs such as the residential nil rate band apply, making sure the will is tax efficient and considering the benefits and impacts of effective lifetime gifts.

We will also advise you on trusts, which can protect your hard-earned assets for the next generation and can in some circumstances be tax effective.

The best time to start your estate plan was yesterday. The next best time is today, so get ahead of one of the most controversial taxes and contact us today.