Life time planning

Ryan Hawthorn, Katharine Barkas or Faye Murphy can explain the basis on which inheritance tax is payable and how your family’s tax burden can be mitigated by careful planning.  Inheritance Tax is a combined gift tax and death duty.  This tax is applied to gifts and deemed gifts made in a person’s lifetime and, upon death, on their estate.  Ryan, Kat or Faye can advise on how best to make lifetime gifts and how Wills can be used to reduce the tax burden.

Trusts

A Trust (also known as a Settlement) is a mechanism whereby cash or other assets are held by trustees for the benefit of one or more third parties.  Trusts can be created during your lifetime, or through your Wills.

Trusts can be used as a means of saving tax.  For example, a husband and wife may, by Will, set up what are known as “nil rate band discretionary trusts” whereby they place in trust for their family such of their assets as are not liable to inheritance tax.  We can explain how such trusts work and how they can save inheritance tax and preserve assets for the family.

Trusts are important not just for tax planning.  They can be particularly useful in second marriages, providing for grandchildren or to assist individuals whose circumstances means that they are unable to manage their finances.

Ryan Hawthorn, Katharine Barkas and Faye Murphy can explain what steps you may take to reduce the tax burden on your death and preserve your assets for your family. 

For further information tel: 01223 202345 or email using the links above.