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.
By organising your estate, you can protect your wealth, avoid unnecessary tax bills and ensure that your assets, including your business, are dealt with as you wish.
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!
You may wish to consider trusts as tax-efficient way to give away assets. Trusts can generate income for the trust beneficiaries, while the trustees, which can include you, retain some control over the capital.
When planning your estate, you need to be sure that you make provision for yourself and your partner to enjoy a comfortable lifestyle in your later years. A well-drafted and flexible will can also be a key tool in protecting your wealth for your family.
All of this requires professional expertise and knowledge and we will draw on our extensive experience to advise you on appropriate tax-efficient measures.
If you would like to know more about how Estate Planning or would like to arrange a free initial meeting to discuss in more detail how we can help you, please contact us.