Estate Planning

Estate Planning

Your guide to inheritance tax and tax planning. With changing house prices, and chages in teh tax rules estate planning is something everyone should think about.

There are many reasons that a person needs to consider Estate Planning, here are some common reasons:

Providing for children

Sometimes leaving a Will is not sufficient on its own to ensure that the monies you seek to give to your children are protected. With Estate planning you can ensure that your children are protected from unnecessary tax, have a home to live in and have someone to manage their affairs if they are minors.

Reducing Inheritance tax liability

With a charge rate of 40% nearly half your Estate over the Nil rate band could go to the Government by way of tax.

Life time gifts, Trusts and careful Estate planning whilst you are alive could ensure that the majority of your assets are protected from Inheritance Tax liability when you die

Contemplating Nursing care

The unfortunate fact is that we will grow old and many of us will be thinking about nursing homes. In most circumstances these nursing homes need to be paid for and if you have substantial assets, The Local Authority will asses whether you are self funding depending on the assets you own. This could result in a substantial reduction on what you are able pass on when you die.