Estate Planning

Estate Planning

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime. You should have a will and it should be reviewed regularly.

Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. The earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

Here at Beardsells we provide a discreet and comprehensive estate planning and inheritance tax service making full use of exemptions and lower tax rates on lifetime transfers. 

You may also need to consider the implications of Local Authority Care and how to protect your assets. IHT will relieve you of 40% of your capital in excess of £325k. The Local Authority could take 100% of your capital in excess of £25k.

With a little planning you may be able to reduce the bill or avoid IHT altogether.

Things that might count towards your estate include:

  • Property.
  • Investments.
  • Insurance.
  • Payment from a pension plan or employee death benefit (unless in a trust).
  • Other assets, for example, cars, art, jewellery, furniture.
  • Gifts you have made but still benefit from, for example, a house you have given away but still live in.
  • Certain gifts that you have made in the last seven years.
  • Assets held in trust from which you receive personal benefit.