Bespoke advice on estate planning, succession & inheritance tax issues

Everyone wants to ensure that as much of their wealth as possible passes to their chosen beneficiaries on their death and that as little as possible is taken by the Government in the form of Inheritance Tax (IHT).

We can work with your other professional advisers, such as your accountant or your solicitor, to make plans to achieve this. Measures can be taken to reduce the amount that would be paid as Inheritance Tax or to provide the funds needed to pay a potential liability. The current rate of Inheritance Tax is 40% on assets above the inheritance tax threshold (or nil rate band). This can mean a substantial part of your wealth not going to those you wish to receive it. In particular we can advise on the following areas:

Investments

Gifts can be made into trust to reduce a potential Inheritance Tax liability and we can advise you and your trustees on suitable investments for the gifted funds and the most appropriate trusts to be used, depending on your circumstances and objectives, for example, whether you have a continuing requirement for income from the gifted capital.

Life Assurance

Life assurance can be arranged to provide sufficient funds on your death to pay the potential Inheritance Tax liability so that your estate can pass in full to your beneficiaries. This can be written into trust to ensure the proceeds go to those who will need to pay the tax, i.e. your beneficiaries, and to ensure the proceeds do not add to your estate and actually increase the tax payable.

The inheritance tax planning that we carry out for you can be done in conjunction with other estate planning arranged via your accountant or solicitor such as will planning, use of exemptions and agricultural or business property planning.

Speak to an inheritance tax adviser in Cumbria

Whichever route you decide to take, or perhaps a combination of methods, a quick call to Gibbons to arrange a meeting with one of our independent financial advisers will help you to select the right product or products for your needs. Not only that, we’ll take care of the paperwork too and deal with the providers on your behalf. Contact us »

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