Estate planning

Control how you bestow your wealth

Don’t you think that the wealth you created should pass into the right hands after you? Have you taken the necessary steps to ensure this? If not, it is very likely that most of your estate will go to the Taxman instead of your chosen beneficiaries.

Inheritance tax (IHT) used to be referred to as ‘voluntary tax’ for the wealthy. However, the recent dramatic increases in property values without a corresponding increase in the IHT threshold means that many more estates will come within the Taxman’s reach. At the present rate, it is possible that the Taxman can take up to 40% of your estate. Yes, Almost half the value. It is unbelievable but true.

You can reduce the potential tax liability on your estate by careful planning—lifetime gifts, judicious use of trusts, adequate life assurance cover and careful transfer of agricultural and business property can contribute towards reducing IHT liability. These measures though can be implemented only over a long period of time. Therefore it is important to start your inheritance tax planning as early as possible.

This is why estate planning is not only necessary but urgent.

Grants Chartered Accountants has a proven track record in helping clients to effectively mitigate their IHT tax liabilities. We can help you with your estate planning, including succession planning and business exit strategies. We can also help you in drafting and updating 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!

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