Estate planning

david truman

David Truman – Private Client Partner

Inheritance Tax has often historically been described as a voluntary tax. With potential IHT at 40% on an estate of over £325,000 (frozen until 2021) and increasing property prices, it is likely to mean that an increasing number of Estates will become liable to tax.

Whilst this had partly been addressed by additional reliefs in connection with passing on the family home, it is still important for individuals to plan for their future and balance their current needs with their ambitions to pass their wealth onto future generations.

Estate planning – Reduce Inheritance Tax

We aim to work with you throughout your lifetime, to become your trusted advisor and to develop plans with you to meet your current needs and future ambitions. Whilst complex estate planning solutions are available, and we can help and advise on these, essentially any planning to reduce inheritance tax is a balance of four factors:

  1. Keeping assets within your estate to fund your current lifestyle and future ambitions.
  2. Insuring your life, if appropriate, to provide funds on your death to assist your beneficiaries to pay any tax due.
  3. Spending funds: it is an important factor to remember to enjoy yourself in your lifetime.
  4. Succession plan by providing lifetime gifts to your beneficiaries and by utilising exemptions and reliefs to reduce your estate over the remainder of your life.

Inheritance Tax advice

We are also experienced in provided Inheritance Tax advice in respect of business assets and can also assist with advice in connection with assets that can help to reduce your exposure to taxes on death.

Estate Planning Services

Our process with regard to estate planning is as follows:

  • Discuss with you, your ambitions and plans for the future, and what your drivers are for your estate planning.
  • Challenge your perceptions with regard to estate planning, your income requirements and the barriers to succession planning.
  • Work with you to establish what assets and liabilities you have and the potential IHT implications of your current estate planning.
  • Identify your income and expenditure requirements.
  • Agree a plan with you for your future, to cover your current and future requirements and your plan for distribution of your Estate, both during your lifetime and on your death.
  • Revisit this plan throughout your lifetime, to update for changes in circumstances.
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Contact Menzies Private Client team

To speak to a partner or for more information about the private client services we offer to individuals, please contact one of the Menzies LLP offices or complete our contact form below.