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NewsletterPDF Jan 09.pub.pdf
Latest
interest rate cut pure PR 26 January 2009
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Disinheriting HM revenue & customs
Estate planning should start early in life. If
you have a large estate it could be subject to inheritance tax (IHT), but even
if it is small, estate planning and a well drafted Will can ensure that your
assets will go to your chosen beneficiaries. IHT is currently set at 40% of your
taxable estate.
This is a very complex area, and a web site
cannot do it justice. We hope this starts the thinking process, then meet up
with like minded people like our selves to discuss the various options available.
Try to ensure that your taxable estate is a small as
possible ?
- First, make sure you have an up to
date Will
- A Will is a powerful planning tool
- Take advice on planning your estate,
early
- Use all available exemptions
- Specify your gifting strategy
Is it time to update your estate
plans ?
Make a Will
Anyone who owns 'property' - a house, a car, investment portfolio,
business interest, retirement savings, collectibles, personal belongings, death
in service benefits and life assurance policies - need a Will. A Will allows you
to direct to whom your property will be distributed after your death. If you do
not make a Will, your 'property' could be distributed in accordance with the
laws of intestacy.
The more you have, the less you should leave
to chance when it come to creating an estate plan to minimise estate taxes. We can
help to ensure that, through careful planning and the use of tax efficient
vehicles, more of your wealth will pass to the people you love.
A Will is a powerful planning toll
Due to changes in current legislation, a well drafted
Will can be a very powerful tool in the mitigation of potential IHT on any
estate. A properly drawn up Will can:
- protect your family by making provisions
to meet their present and future financial needs
- minimise taxes that might reduce the
size of your estate
- appoint experienced Executors to
ensure that your wishes are carried out
- name a trusted guardian for your
children
- provide for any special needs for any
member of your family
- include gifts to charities of your
choice
- establish Trusts to manage the deferral
of the inheritance of any beneficiary
- secure the peace of mind of knowing that
your family and other heirs, will receive according to your express wishes
- make full use of the Nil Rate band
The Nil Rate band is currently £312,000 for
each of us and is now transferable between spouses, even if one of the spouses
has deceased.
Planning your estate
If you have not started planning your estate, then
start now. If you have a plan, then check that it is not out of date, with
changes in legislation. Check to see if any of these changes have occurred since
you last updated the plan.
- the birth of another child or grandchild
- the death of a spouse, a beneficiary,
your executor of a Guardian
- marriages in the family
- divorces
- a substantial increase or decrease in
the value of your estate
- the formation, sale or purchase of
a business
- retirement
- changes in tax legislation
Areas where our advice
solves problems and adds value
Lifetime gifts of assets, including business
interests
Gifts to charity
Disposition of your assets on death
Using Trusts in mitigating potential IHT liability
Discounted Gift Trusts can be extremely useful
To talk this over call: 01299 271471 (working hours)
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