Estate Planning
What is Estate Planning?
Estate Planning involves protecting your wealth for yourself and your family, including future generations of your family.
There are various things that can be done to protect your wealth during your lifetime and on death. This may involve putting assets into Trust, making gifts and utilising various tax allowances, exemptions and reliefs.
You should make a Will or update an existing Will to ensure that your estate is passed onto those you choose in a tax efficient manner.
Make An Enquiry
Make An Enquiry Estate Planning
Trusts
Trusts can be set up during your lifetime or written into your Will. By putting assets into trust, you can take them out of your estate for Inheritance Tax purposes, provided specific requirements are met. This is a complex area and there are numerous things to consider. For more information, please see Trusts
Inheritance Tax (IHT)
Inheritance Tax can be charged both during your lifetime and on death.
During your lifetime
In relation to Inheritance Tax during your lifetime this applies to any chargeable transfer of value.
On death
When you die Inheritance Tax is charged at a rate of 40% on any amount above the threshold. However, if you leave 10% or more of your net estate to a qualifying charity in your Will, the rate of Inheritance Tax is reduced to 36% on some assets.
Gifts
You can make gifts during your lifetime in order to reduce the value of your estate for Inheritance Tax. If you make a gift and survive for 7 years from when the gift is made, it will not be included in your estate for IHT purposes when you die. However, care should be taken when making gifts to ensure they don't fall within the 'gift with reservation' rules.
Gift With Reservation
If you make a gift and continue to receive a benefit from the gifted property, then it will be caught by the 'gift with reservation' rules and will be treated as part of your estate for IHT purposes. There are some exceptions and exclusions to the 'gift with reservation' rules. This is a complex area and professional advice is recommended.
Allowances, Exemptions and Reliefs
There are numerous Inheritance Tax allowances, exemptions and reliefs. These include the following:
- Nil Rate Band
- Residence Nil Rate Band
- Spouse or Civil Partner Exemption
- Annual Exemption
- Small Gift Allowance
- Gifts in consideration of marriage or registration of civil partnership
- Normal Expenditure out of Income Exemption
- Agricultural Relief
- Business Relief
Please note the above list is not exhaustive.
It is important to obtain expert advice in order to make use of the available exemptions and reliefs and reduce the amount of Inheritance Tax payable.
As part of Estate Planning, it is necessary to consider other relevant taxes such as Capital Gains Tax and Income Tax. This is a highly specialised and complex area.
What We Offer
We are able to assist individuals and families protect their wealth for future generations through Estate Planning. The combination of our legal and tax expertise, together with our dedicated and caring approach sets us apart. We will take the time to listen to you, understand your aims and provide expert advice tailored to your circumstances.
Make An Enquiry
If you have a question or would like more information, please do not hesitate to contact us.
Call us on 01623 857 207, email: info@asquithmanners.co.uk or complete our online Enquiry Form.
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01623 857 207
info@asquithmanners.co.uk
Asquith Manners Solicitors
Hexgreave Hall
Upper Hexgreave
Farnsfield
Newark
Nottinghamshire
NG22 8LS
Asquith Manners Solicitors is a trading name of Asquith Manners Limited. Registered in England and Wales with Company Number 12336089
Registered office: Hexgreave Hall, Upper Hexgreave, Farnsfield, Newark, Nottinghamshire NG22 8LS. VAT number 416 9244 88
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