Succession and Estate Planning

Making sure your assets pass to the right people in the right way is not always easy. Whether you are considering making a Will or thinking about gifting assets, effective tax and trust management is an essential way to protect your assets and control what happens to them during your lifetime and when you die.

If your assets (your home, possessions and financial investments) exceed the inheritance tax free limit of £325,000, known as the nil-rate band, when you die anything over the limit will be taxed at the rate of 40%. Therefore, if your estate is valued at £500,000, inheritance tax to the sum of £70,000 would be payable to the Revenue (unless specific exemptions apply).

It is therefore essential that you consider the value of your estate and how much it could be worth in the future to avoid the next generation losing out on the assets which you have worked hard to acquire during your lifetime.

In 2017, a main residence nil-rate band will come into force and individuals who have an estate above the inheritance tax threshold (nil-rate band) of £325,000 and leave property to a direct descendant on death will benefit from an additional nil-rate band. The main residence nil-rate band thresholds are set out below:

1. £100,000 in 2017 to 2018

2. £125,000 in 2018 to 2019

3. £150,000 in 2019 to 2020

4. £175,000 in 2020 to 2021

Our specialist team can help minimise your inheritance tax liability and deal with issues regarding future care home costs.

We provide strategic estate planning to safeguard family and business assets, making sure that you make the most of valuable Inheritance Tax benefits such as Business Property Relief and Agricultural Property Relief.

We can also work closely with your accountant and financial advisor to ensure that we provide advice tailored to your individual situation.

If you would like further information or advice about Estate Planning, please contact Vicky Bligh on 01752 388910 or e-mail
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The Private Client Team

Fiona Chesworth
Vicky Bligh