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Wealth Preservation: Will, Trusts & Inheritance Tax

As tax specialists, we are able to provide a detailed review of your will to ensure that it is as efficient as possible for inheritance tax purposes. Covering a full review of available tax reliefs, we assess your current exposure to inheritance tax and work with you to ensure that your affairs are organised efficiently.

This need not mean aggressive tax planning – in many cases a simple “spring clean” of financial affairs can make an impact. For example, holding surplus cash balances in a trading company can mean that valuable inheritance tax reliefs are lost – if you know about this in advance, simply declaring a dividend or holding a Board Meeting can make a huge difference.

Our tax team is able to advise on the use of lifetime gifts as part of inheritance tax planning and on trusts as a tool to reduce inheritance tax liability when passing assets to the next generation.

Trusts are legal arrangements that allow assets, such as money, property and shares, to be given away in a tax-efficient, controlled manner. They can be created during the lifetime of the person creating the trust or through their will.

Trusts can be particularly useful as part of estate planning for couples who are not married or in a civil partnership or where arrangements for passing on wealth are made more complex by previous marriages where stepchildren are involved. They are also extremely useful for the purposes of safeguarding business succession, perhaps where more than one individual may be involved.

They can also be used to protect assets from future claims against an individual, or to specify at what age or in what circumstances beneficiaries receive money or property.

Our tax team’s expertise includes the preparation of trust accounts and tax returns and in the drawing up of trust deeds in conjunction with clients’ legal advisers, or through our associated solicitors’ firms. We also offer access to professional Trustees, should you wish for someone else to administer your trust for you.

We work in conjunction with your existing financial advisers, or can make appropriate introductions should financial advice be needed.

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