To make the most of your hard work it is important to plan for the future to ensure your affairs are managed in the most effective and efficient way possible.
The first step is to have a will in place to ensure your affairs are dealt with in the way you wish.
Equally important is the preparation of lasting powers of attorney (LPA) which will allow you to manage your affairs better in the future.
Inheritance tax (IHT)
The current IHT threshold (commonly known as nil rate band) for an individual is £325,000. For a married couple or those in a civil partnership, this may be increased by 100% on the second death (known as the transferable nil rate band) so can give up to £650,000.
If IHT is payable, the rate is 40% on anything over the IHT threshold.
Our specialist trust advisors can advise you as to efficient lifetime planning through the use of trusts.
Our lawyers’ recent experience includes:
Acting for an estate consisting of property subject to agricultural property relief and business property relief which was subsequently inherited in part by the client. We provided inheritance tax planning advice and prepared the client’s will. Subsequently our family department have acted for this client following the breakdown of his relationship with their partner, and provided advice and prepared an amended and also updated will to reflect this and other changes in their personal and financial circumstances.
Acting for a high net worth client with multi-million pound assets, we provided trust and inheritance tax planning advice, prepared her will and power of attorney and liaised with her financial planner as to her assets. The team also dealt with this client’s mother’s affairs and made an application to the High Court with relation to Deprivation of Liberty Safeguards (DoLS). We then dealt with the client’s children’s wills and estate planning and the firm’s property department acted in relation to all of the family’s many property transactions.