Thinking about what the effects of our passing away might be is a difficult topic to think about, but when it comes to mitigating your inheritance tax liabilities, it’s something better done sooner rather than later. At Lazenby’s we specialize in providing inheritance tax advice so you can effectively manage your inheritance tax responsibilities whilst ensuring as much of your estate is inherited by your family and loved ones as possible. If you think our inheritance tax planning advice could be beneficial for your estate planning, why not get in touch for a free initial consultation?
How Does Inheritance Tax Planning Work?
Inheritance tax (IHT) is a liability taken on by all individuals whose estate surpasses the individual nil-rate bond in the event of death. This threshold currently sits at £325,000 but is subject to change year on year. Inheritance tax planning, a subcomponent of estate planning, is the process of planning what happens to your estate after you pass away, whilst keeping your inheritance tax responsibility at the forefront of your decision making.
Why Worry About Inheritance Tax?
It used to be that only the super-wealthy needed to worry about inheritance tax, but as the years go by and the threshold changes, more and more people are subject to the liability. Assets including your investments, life assurance plans and even your family home and heirlooms are considered as part of the value of your estate. They are also subject to being sold in order to meet your inheritance tax liability. The best way of maintaining control over the division of your wealth is by effective inheritance tax planning, something which our professional financial advisors have plenty of experience handling.
Why Choose Lazenby’s Inheritance Tax Planning Advice?
Experience & Expertise
Committed To Client Care
Peace Of Mind
Draw Up a Will
Writing a will is an integral part of inheritance tax planning. Failing to draw up a Will means the law can intercept with intestacy rules, dictating what will happen to your estate when you’re no longer around to make the key decisions yourself. Not only that, but the law is unlikely to produce a plan that minimises your inheritance tax liability.
Utilise Lifetime Gifts
Gifting cash and assets to family members throughout your later years is a fantastic tool you have at your disposal to be more tax efficient. Gifts can come in many forms including cash, heirlooms, property and more, and can be gifted to family members, friends, charities, and even political parties. Again, this is something that might sound complicated to arrange but with the help of an inheritance tax planning specialist like ourselves, it can actually be simple.
Set Up A Trust
Trusts are often misunderstood but in reality, are one of the most valuable tools for inheritance tax planning. Trusts are essentially treasure chests, cared for by ‘trustees’ who can add cash and assets at your desire, and distribute to ‘beneficiaries’ – those who receive its contents – upon your passing. The rates and allowances associated with a particular trust can vary through several factors including the type of trust, and how the beneficiaries may benefit. Of course, discussing this with a professional inheritance tax advisor will stand you in the best stead for mitigating your liability.
Lazenby’s Financial Services – A Family Run Business, With You For Life
As a family-run team, Lazenby’s understand the importance of a long-term, secure financial future. At Lazenby’s, we’re ‘with you for life’.
From the moment you get in touch with us, you’re in good hands. The initial meeting is a complimentary, no-obligation opportunity to discuss your needs. It is also a great opportunity to show you how we work and how we charge for our services.
Our friendly and professional financial advisors will join you on your journey of wealth management, helping you to provide for your family every step of the way.
“We have known Alan for some years, and have found his attitude to financial affairs to be one of true professionalism. As a result, he is able to give reasoned investment advice for his clients, and takes great pains to advise us properly, based on our needs, desires and knowledge. He is a caring and thoughtful person, who is very easy to get on with, and we trust him with implicitly with our investments. We feel very comfortable welcoming him into our home or by telephone to give us advice.”
– C & D Etchells
Got A Question About Inheritance Tax Planning?
Our team help to demystify your questions about inheritance tax, estate planning and investment management. We’re here to guide you through often complex or confusing processes with ease, to help you achieve long-term security and peace of mind for you, and your family.
NB: The FCA does not regulate trusts and some forms of offshore investment and inheritance tax planning.