If you are settling assets into a trust or if you are a trustee, you also need to be aware of potential IHT liabilities and reporting.
Although many people do not want to think about Inheritance Tax, as Benjamin Franklin said in 1789, “The only certainties in life are death and taxes.”
Inheritance tax is often described in the media as an avoidable tax, and with forward planning, this can be true for many people. There are pitfalls to consider though, and simply giving away your wealth can have serious and unintended consequences.
We understand the practicalities of will writing, the use of trusts, and all of the available inheritance tax exemptions. We will discuss the issues and options with you clearly and sensitively.
The process starts with a detailed discussion about your aims, especially the members of your family, friends and causes that you care about. The next stage is to look in detail at your wealth, identify assets, liabilities and policies, and then review them to assess the IHT treatment. We seek to understand the gifts that have been made, and the gifts and legacies you are planning to make. This builds a detailed picture and means we can give you an indication of the anticipated inheritance tax liability. We will then work with you to identify opportunities to reduce the liability, and techniques to achieve your aims.
Discussions about inheritance are normally deeply personal and private, but sometimes clients like to involve their beneficiaries or executors in the process. This can provide additional comfort that instructions are understood and wishes will be followed. It can also provide a springboard for knowledge transfer by involving the next generation in the management of family wealth, or running family businesses. It can provide a catalyst for creating a family charter, discussing philanthropic goals and issues of legacy.
These discussions, coupled with an IHT planning exercise, often resolve questions about charitable giving, including the possibility of accessing a reduced inheritance tax rate. In some cases, the opportunity and desirability of using preeminent art and objects to settle or reduce tax liabilities can also be explored.
Following a death there are many practical matters to deal with and one area of concern is completing the inheritance tax forms and obtaining probate. Depending on the estate, the IHT forms can be complicated and executors often value the support of our experienced team in outlining the requirements and calculating the inheritance tax account. As a licensed probate firm, we can also assist with non-contentious probate and estate administration.
If you are settling assets into trust or if you are trustee, you also need to be aware of potential IHT liabilities and reporting.
Why work with us?
All Lewis Golden clients benefit from our exceptional standard of client care, our depth of experience, and our distinctive approach.
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We’ll get to know you with an in-depth initial consultation.
We understand your goals
Our team is dedicated to helping you realise your ambitions, and ready to support you at every stage.
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We’ll create a structured plan to reach your goals, continuously reviewing your performance and progress towards them.
“Our personal tax team has years of experience advising clients on the complexities of partnership tax returns”
Partner at Lewis Golden
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