Estate planning
How we can help with estate planning
When you have spent a whole lifetime building up your personal wealth, you want to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the Taxman and where our expert estate planners can help you.
And yet, all too often we meet clients who are shocked at how much of their inheritance is taken from them before they even see it! At present rates, the Taxman can take up to 40% of your estate! Yes almost half its value!
Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but with the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within of the Taxman’s reach.
This makes using the services of estate planners all the more necessary – and all the more urgent.
There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning – often over a long period.
Lifetime gifts, the judicious use of trusts, and care with transfer of agricultural and business property can all help to reduce IHT liability.
It is also possible to mitigate potential inheritance tax liabilities by arranging adequate life assurance cover.
Our estate planners can help you with your estate planning, including succession planning and business exit strategies.
We can also help with the drafting and updating of your will, and where appropriate, act as trustees or executors.
Contact Us today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. But don’t leave it too late!
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.
The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now.
The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government’s coffers!
It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight – and a detailed knowledge of the tax regime.
We provide a discreet estate planning service that includes:
- Help with drawing up and reviewing your will
- Making full use of exemptions and lower tax rates on lifetime transfers
- Optimising lifetime transfers between spouses
- Transferring agricultural or business property
- Transferring assets into trust
- Arranging adequate life assurance to cover potential inheritance tax liabilities
Get in touch with our expert estate planners today.
“I think Smith Butler are a brilliant company. I’ve been a client for several years and it means such a lot to not have to worry about the accountancy side of my business. Sally is such a lovely person and makes the whole process easy and enjoyable. I consider myself lucky to have found them.”
Why choose us?
Unlimited phone support
Unlimited free meetings
FREE initial tax review
Work on time every time
Fixed fees
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All clients treated equally
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What is Estate Planning and why is it important?
Estate planning is making a plan for what happens to our stuff and our affairs when we die or become incapacitated. Estate planning involves creating legal documents like wills, powers of attorney and trusts and considering tax implications and what happens to our assets after we die. This includes writing detailed wills, setting up trusts and understanding inheritance laws. Professional estate planning services will make sure our wishes are documented correctly and legally binding.
Wills spell out our wishes, asset distribution, guardianship of minor children and other personal instructions. Without a will the state decides on these matters and it may not be what we want.
Trusts manage our assets during our lifetime and beyond. They give us more control over asset distribution, potentially reduce estate taxes and avoid probate. There are different types of trusts for different needs, from living trusts to special needs trusts, each serving a purpose.
Understanding inheritance laws is key. These laws determine who gets our estate if we die intestate (without a will). Estate planning services will make sure we comply with current laws and take advantage of the legal benefits.
Choosing the right estate planning service is important. In Bradford there are many professionals who specialise in creating bespoke plans for individuals. They help with every step from drafting documents to revising plans as circumstances change. This will ensure our estate plan is relevant, efficient and aligned to our goals.
Key documents like power of attorney and healthcare directives are also part of estate planning. These documents give trusted people the authority to make decisions on our behalf if we become incapacitated. Power of attorney deals with financial affairs and healthcare directives outline medical treatment preferences.
We need to update our estate plan as much as we create it. Changes in family dynamics, financial situation or laws require revisions. A proactive approach will ensure our estate plan reflects our current wishes and circumstances.
Want an initial talk that won't cost you a penny?
You can reach out to us with your accountancy or business query on the phone, over email, through our website or even on social media if you're that way inclined. You’ll get an honest response and that won't cost you anything.