Inheritance Tax Planning in Nottingham
What is Inheritance Planning?
Death and taxes can’t be avoided but we can help you to help your nearest and dearest when the inevitable comes.
Inheritance or estate planning is all about planning for the future to look after your family and friends after you have gone: it is about growing and organising your wealth for their benefit when you die.
Inheritance planning can be done during your life to help set things up efficiently at the time of your death. If you do this, very little work on tax planning will have to be done after your death, but it is also possible to help reduce a person’s tax liability after they have died.
4 ways to Manage your Inheritance Tax Bill
Reducing your inheritance tax isn’t as simple as just giving your estate away before you die. Any money gifted usually counts as part of your estate and may be taxed, if you die within 7 years of making the gift. Therefore, it’s important to plan how you want to pass on your wealth early.
If you think you may have to pay inheritance tax, here are some ways you can reduce it:
- Leave money to charity
- Give away up to £3,000 a year in gifts
- Make regular gifts out of excess income
- Hold onto money in your pension
Benefits of Inheritance Tax Planning
What are the Benefits of Inheritance Tax Planning?
Understand the value of your estate better
Financial planning should help you understand the value of your estate and how this might change in the future. Taking a look at what assets you have to leave behind for loved ones and considering how they’d be distributed can help with this. Cashflow modelling can show you how wealth and assets will be depleted over time. This can help give you an understanding of the inheritance that you can leave or where you may want to make lifestyle changes in light of this.
Minimise potential Inheritance Tax
Is your estate likely to be liable for Inheritance Tax (IHT)? If the total value of all your assets exceeds £325,000 IHT may be due, reducing the amount loved ones will receive from your estate. However, there are often things you can do to reduce or eliminate an IHT bill. However, this requires a proactive approach and you should take steps to do so as soon as possible. From setting up a trust for some assets to gifting to charity, an effective estate plan can mean leaving more behind for loved ones.
Calculate the sustainability of your income
You might have a clear idea of what you’d like to leave behind for family and friends. If so, how does this correlate with the income you’re already taking or plan to take? Estate planning can help you reconcile your income with legacy plans. It’s also an opportunity to assess how sustainable your income is over the long term. If your expenditure remains the same, how much would you leave behind if you lived ten years beyond the average life expectancy, for example?
Help loved ones plan for the future
Whilst it can be difficult to talk about your estate plan, it can help loved ones prepare for the future. Letting beneficiaries know how much they can expect to receive through inheritance can improve their personal financial security. Without a discussion, they could make inaccurate assumptions that affect them long term. It’s a step that can give you peace of mind about their future too.
How can Seagrave French help you?
How can Seagrave French help you?
“Avoid paying tax again on wealth you’ve accumulated and been taxed on already!”
Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities.
We can advise…
- Individuals whose estate planning is close to the nil-rate band or many times larger
- Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios
- On both lifetime transfers and wills
However, estate planning is not solely about tax and we adopt a common-sense approach, helping you to ensure your own financial needs are met and to avoid “giving away too much too soon”.
Inheritance Tax Planning Advice
At Seagrave French, we offer inheritance tax planning advice to clients in Nottingham, UK. Inheritance tax is a complex area of tax law, and we understand that it can be overwhelming and confusing for many individuals. Our inheritance tax planning advice helps clients navigate this area of law and minimize their inheritance tax liability. Here are some of the services we offer:
Inheritance tax planning: We work with clients to develop a comprehensive inheritance tax plan that takes into account their unique needs and circumstances. Our inheritance tax planning advice reviews your assets and provides strategies to minimize your inheritance tax liability, such as lifetime gifting or setting up trusts.
Wills and estate planning: Our inheritance tax planning advice involves a full range of estate planning services, including drafting wills, creating trusts, and establishing powers of attorney. Our inheritance tax planning advice helps you develop a plan to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you pass away.
Probate services: Our inheritance tax planning advice assists with all aspects of probate, from obtaining the grant of probate to administering the estate. Our team will guide you through the process and provide expert advice and support.
Family business succession planning: If you own a family business, we can help you with succession planning to ensure a smooth transition to the next generation as part of our inheritance tax advice. Our inheritance tax planning advice helps you develop a plan that takes into account your business needs and the needs of your family.
Tax-efficient investments: We provide inheritance tax planning advice on tax-efficient investments, such as venture capital trusts and enterprise investment schemes, which can help reduce your inheritance tax liability.
Overall, our inheritance tax planning advice services are designed to help clients minimize their tax liability and ensure that their assets are distributed according to their wishes. We are committed to providing personalized service and tailoring our approach to meet the unique needs of each client. Contact us today to learn more about how we can help you with inheritance tax planning advice in Nottingham.
Advantages you’ll get from our Inheritance Tax Planning Advice
Our inheritance tax planning advice provides clients in Nottingham, UK with a range of benefits. Here are some of the key advantages of working with our team of experienced tax professionals:
Minimize your tax liability: Inheritance tax can be a significant expense, but with the right planning, it is possible to minimize your tax liability. Our inheritance tax planning advice identifies opportunities to reduce your tax bill, such as lifetime gifting, setting up trusts, or investing in tax-efficient schemes.
Protect your assets: By developing a comprehensive inheritance tax plan, you can ensure that your assets are protected and distributed according to your wishes. Our inheritance tax planning advice helps you create a will, establish trusts, and take other steps to protect your assets and provide for your loved ones.
Peace of mind: Planning for inheritance tax can be stressful and overwhelming, but with our team’s expertise, you can have peace of mind that your affairs are in order. Our inheritance tax planning advice guides you through the process and provide support and advice every step of the way.
Save time and money: Our inheritance tax planning advice saves time and money by avoiding costly mistakes and ensuring that your affairs are handled efficiently. We will help you navigate the complexities of inheritance tax law and provide solutions that are tailored to your unique needs and circumstances.
Build a lasting relationship: We are committed to building long-lasting relationships with our clients based on trust, integrity, and transparency. Our team in inheritance tax planning advice takes the time to get to know you and understand your goals and priorities, ensuring that we provide personalized service that meets your needs.
Overall, our inheritance tax planning advice service provides clients with the tools they need to protect their assets, minimize their tax liability, and achieve peace of mind. Contact us today to learn more about how we can help you with inheritance tax planning advice in Nottingham.
Why choose our Inheritance Tax Planning Advice?
If you are looking for inheritance tax planning advice in Nottingham, UK, we highly recommend our services. Our team of experienced tax professionals is committed to helping clients minimize their tax liability, protect their assets, and achieve their financial goals. Here are five reasons why you should choose our inheritance tax planning advice services:
Expertise: Our team has extensive knowledge and experience in inheritance tax planning, trusts, estates, and related areas of tax law. We stay up-to-date with the latest developments in the field, ensuring that our clients receive the best possible advice and support.
Personalized service: We understand that each client’s situation is unique, and we take the time to get to know our clients and understand their goals and priorities. We tailor our approach to each client’s needs, providing personalized service that is tailored to their unique circumstances.
Comprehensive solutions: Our inheritance tax planning advice services provide clients with comprehensive solutions to protect their assets, minimize their tax liability, and achieve their financial goals. We offer a range of services, including estate planning, probate, trusts, tax-efficient investments, and more.
Peace of mind: Inheritance tax planning can be stressful and overwhelming, but with our team’s expertise, you can have peace of mind that your affairs are in order. We will guide you through the process and provide support and advice every step of the way.
Competitive pricing: We understand that cost is an important factor for many clients, and we offer competitive pricing for our inheritance tax planning advice services. We believe that high-quality advice should be accessible to everyone, and we strive to make our services as affordable as possible.
Overall, our inheritance tax planning advice services provide clients in Nottingham with the expertise, personalized service, comprehensive solutions, peace of mind, and competitive pricing they need to achieve their financial goals. Contact us today to learn more about how we can help you with inheritance tax planning advice in Nottingham.
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium accountancy services you deserve. Get in touch today to book a chat with our chartered accountants in Nottingham at Seagrave French.