The thought of a significant reduction at death on the wealth that has been built up during one’s life can be a painful thought for many. If you have children, grandchildren or other members of family that you would like to benefit from your estate, it is worth considering how best to achieve the passing of monies from one generation to the next. With rising property prices and the freeze in the Inheritance Tax threshold over recent years, more and more people have been left with the threat of their families facing significant IHT bills. While the introduction of the Residence Nil Rate Band is welcomed, this is only being phased in over the next few years and is limited to a main residence being passed onto a direct descendant, and only up to the value of £175,000 when fully implemented in the 2020/21 tax year.
We appreciate that the later years of your life need specialist Estate Planning advice provided in a considerate and caring manner. We would be pleased to work alongside a legal professional, whether it be in relation to your Will, a Lasting Power of Attorney or a Trust. If you would like us to recommend a local Solicitor, we would also be pleased to provide one of our contacts, for your assistance.
So if you would like to discuss Estate Planning issues ranging from care home fees to Inheritance Tax, we would be pleased to speak to you.