Estate Planning & Trusts

Estate Planning & Inheritance Tax (IHT)

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 the passing on of your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we will 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, thereby maximising the amount that goes to those who are most important to you.

When planning to transfer your estate, it is equally important 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 uses a range of techniques and vehicles to assist with IHT planning, including alliances with leading advisors to ensure that your IHT strategy realises your intentions.

These include:

  • Help to draw up and review 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.

Trusts & Executorships

Trusts are a means of wealth preservation. They are useful instruments as part of a family financial plan or tax plan, especially if the aim is to reduce the inheritance tax liability on your estate whilst passing assets down through the generations in a secure manner.

There are four main types of trust, each with a different tax treatment which can be adapted to many different purposes, including:

  • Providing funds for children’s education or maintenance.
  • Restricting access to property to future beneficiaries.
  • Providing for people who are mentally or otherwise incapacitated.
  • Gifting to charity.

With our detailed knowledge of the tax regime Kingscott Dix can determine which type of trust may be most suitable for your needs and also provide a discreet estate planning service.

We recommend that clients have a family member and a trusted advisor to act as executors. Kingscott Dix are able to fulfil the role of executor, providing professional guidance and objectivity to ensure our clients wishes are followed as intended.

Contact us to discuss how we help you with estate planning for you and your family.