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Estate planning

The inheritance tax (IHT) threshold currently stands at £325,000 for single people and £650,000 jointly for married couples and civil partners (tax year 2014/15). Anything above this is taxed at 40%. However, with careful planning it is possible to reduce or even eliminate any potential liability.

The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries.

It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime.

Richardson Jones provides a discrete estate planning service that includes:

• help with drawing up and reviewing your will
• making full use of exemptions and lower tax rates on lifetime transfers
• optimising lifetime transfers between spouses
• transferring agricultural or business property
• transferring assets into trust
• arranging adequate life assurance to cover potential inheritance tax liabilities

We strongly advise you to begin your estate planning right away by contacting us for a preliminary review.

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Please contact us if you need further advice, have any questions about our services, would like a free consultation.