Many homeowners fall into the Inheritance Tax net and there is increased need to use specialist advice to protect estates.
We can advise on the drafting and updating of Wills to ensure that as your circumstances change, your Will continues to reflect your wishes.
Elderly client services (incl. Trusts, Power of Attorney and Lasting Powers of Attorney)
Trusts provide considerable scope to pass on assets or reduce tax liability by placing the asset outside of your estate. We can act as Trustees on your behalf or draft Trust documentation to place the Trusteeship with your nominated individuals.
Powers of Attorney and Lasting Powers of Attorney allow you to place the day-to-day administration of your finances with an Attorney, if your health is poor or your mental faculty prohibits you from attending to financial affairs. A Lasting Power of Attorney provides the flexibility to continue to deal with matters while you are able or willing to do so.
Our specialist practitioners will explain how these documents can be best used to support your circumstances and will draft them in accordance with your wishes.
Inheritance Tax planning
The threshold for Inheritance Tax is set at £325,000, for the 2009/2010 tax year. Inheritance Tax is a flat rate tax at 40%, payable on the value of the estate that exceeds the threshold figure.
A wide range of tax planning measures can be taken to reduce the potential for paying Inheritance Tax. Our experts can advise you on the best options for your particular situation.
Probate and administration of estates on death
Our Probate specialists provide advice with understanding and sensitivity when winding up and administrating estates. They can establish whether it is necessary to obtain a Grant of Probate or Letters of Administration to allow assets to be collected and distributed in accordance with the wishes of the deceased.
Where appropriate, the service includes tax saving advice to ensure the estate is passed on, in as efficient a manner as possible, to the beneficiaries.