Wills
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Estate Planning Advisers in Glasgow, Scotland
In order to protect family and loved ones, it is essential to have provisions in place after you’re gone. The easiest way to prevent unnecessary tax payments such as Inheritance Tax, is to organise your tax affairs by obtaining professional expert advice.
There are some simple rules to Estate Planning:
- Plan early
- Keep it as simple as possible
- Do not give too much away. Any tax mitigation should not be at the expense of the financial security of you and your family
- Keep tax planning flexible as tax laws change frequently and occasionally it may be necessary to unravel any tax planning scheme.
Working with an experienced financial professional you can trust is the easiest way for you to feel secure that you’re making the best decisions on how to create the kind of financial future you desire. We can discuss all your options for Wills, Power of Attorneys and several different ways to reduce your Inheritance Tax bill including:
- Make outright gifts
- Set up a trust
- Keep your assets while reducing your estate
- Managing Inheritance Tax without making gifts
Come to us, or we can come to you!
We are flexible in our approach to our customers. We are located in Glasgow but are more than happy to visit our clients anywhere throughout Central Scotland, including Glasgow, East Kilbride, Falkirk, Stirling, Cumbernauld.
It all starts with a conversation, please do get in touch to get your Estate Planning questions answered.
Contact Us
0141 231 1656
Main point of contact
David Jack
BOOK YOUR FREE MEETING WITH ME: WITH ABSOLUTELY NO OBLIGATION
HOME VISITS AVAILABLE: WHERE THIS IS MORE CONVENIENT (NO ADDITIONAL CHARGE)
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The areas you need to consider when Estate Planning are:
Inheritance Tax (IHT)
The current rate of IHT is 0% on the first £325,000 of a deceased’s estate and 40% of any amount over that sum.
Lifetime or death transfers between spouses are exempt from IHT. A husband and wife have transferable nil rate bands and are therefore currently able to leave a total of £650,000 without IHT being charged to their estate. Gifts to charities are usually completely exempt from IHT.
Capital Gains Tax (CGT)
CGT is currently set at 18% or 28% on chargeable gains depending upon whether you are a basic or higher rate tax payer. There is no CGT on an estate upon death but lifetime transfers or other disposals of assets may be caught if the gain exceeds the CGT threshold (currently £10,100) for individuals. There is no CGT on inter-spouse transfers or on the sale of a principal private residence if owned throughout the chargeable period.
Potentially Exempt Transfers (Gifting)
You can lessen any IHT obligation by making some transfers of assets during your lifetime which are exempt from IHT. These include:
- Transfers of £3,000 per annum
- Gifts to charity
- Gifts in consideration of marriage up to £5,000
- Small gifts of £250
Normal expenditure out of income, if claimed, is exempt provided the payments are of surplus income not required to maintain your “normal expenditure” and normal standard of living
Business Property Relief (BPR)
Business property relief (BPR) is a valuable succession planning tool that can reduce any inheritance tax (IHT) payable on transfers of relevant business property in an individual’s lifetime or when they die. If available, BPR can reduce the taxable value of the transfer by 50% or 100%, depending on the type of property transferred.
Create a Trust
Trusts do not need to be complicated nor expensive. In fact, a trust is one of the simplest ways of moving money out of a person’s estate and reducing their IHT bill. Many different assets can be held in trust, including property, investments, life insurance policies and pension scheme death benefits.
Change in Circumstances
Changes to your personal circumstances such as marriage, divorce, the birth of children, loss of partner or retirement is an ideal time to be proactive and restructure your affairs by reviewing existing estate planning arrangements.
Power of Attorney
If your health changes suddenly it could be that you are no longer able to deal with your own financial welfare affairs, therefore a discussion surrounding Power of Attorney could be extremely important.
Disclaimer
Taxation is subject to individual circumstances as well as tax law and HMRC practice which can change