Estate Planning Advice

Estate Planning Advice

If your assets are worth more than the current “nil rate band”, a large chunk of your estate could end up with the Chancellor through inheritance tax.

We have many solutions for inheritance tax issues, ranging from the use of offshore bonds and trusts to simple life assurance products.

Basic estate planning can be as simple as making a will (or updating an existing one).

Planning to reduce and/or mitigate your estate’s liability to inheritance tax is another important aspect. There are many ways to achieve this, but it's important to get proper financial & legal advice to ensure that as much of your estate as possible ends up with your intended beneficiaries.

Tips for Successful Estate Planning

1. Wills

  • Married couples and civil partners should make the most of their transferable nil rate bands. If you are a widow who has remarried, there may be an extra nil rate band available to you.
  • Make the most of business property, which attracts 100% relief from IHT – don’t miss the chance to use the relief twice (called ‘double-dipping’). The reason for this generous relief is to facilitate the passing on of family businesses without family members having to worry about the impact of IHT. Similar rules apply to owners of agricultural property. Your legal adviser can provide more information. Any will needs to be regularly reviewed by a legal professional, who can advise you on the points above – we’d be happy to introduce you to one of our trusted advisers.

2. Investments

  • Make the most of Business Property Relief and Agricultural Property Relief from IHT – AIM shares, farmland and commercial woodlands can become exempt after two years’ ownership.

3. Lifetime Gifts

  • Use the annual allowances (currently £3,000* per person).
  • Gifts made as normal expenditure out of surplus income are IHT free.
  • Consider Loan Trusts and/or Discounted Gift Trusts – you can keep a 5% annual ‘income’ and it’s income tax free. 

4. Deed of Variation

  • If inheriting from someone who died less than 2 years ago, consider diverting part or all of the inheritance. For example, if you receive an inheritance from your parents which you don’t need, you could put it into a trust for your children and grandchildren so that it’s not taxed on your death. 
20170126013953

“Just a small note to thank you for meeting with us to discuss our pension options. You made a potentially stressful situation so much easier, for which we are very grateful.”

Lewis & Jill B

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

What's Covered?

Proactive advice
Clarity of vision
Real service
Confidential

About La Playa Wealth

Specialist & Independent

La Playa’s intelligent approach to financial services is founded on absolute integrity, an in-depth understanding of our clients, a high calibre team of advisers and a commitment to excellence in service.

Investing with Intelligence

  • Proactive advice: tapping into the intellectual capital of a Chartered Wealth Manager - your financial ‘life coach’
  • Clarity of vision: with cashflow modelling to show how and when you will reach your objectives
  • Real service: a regular, rigorous review of your plan - not just ‘service by mail’; and quarterly market insights and commentary
  • Real commitment: a long-term, personal relationship with face to face meetings - spending time with you to really understand your priorities

Together with our sister company La Playa Ltd, we offer a joined-up approach, with insurance and other financial services all under one roof. 

Get in touch - our initial consultation is free, and it could be the best move you make this year.

Photo from Wealth