Passing on a lifetime's wealth to those you choose
When you have spent a whole lifetime building up your personal wealth, you want to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the Taxman.
And yet, all too often we meet clients who are shocked at how much of their inheritance is taken from them before they even see it! At present rates, the Taxman can take up to 40% of your estate! Yes almost half its value!
Inheritance tax (IHT) used to be referred to as a 'voluntary tax' for the very wealthy, but with the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within of the Taxman's reach.
This makes estate planning all the more necessary - and all the more urgent.
There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning - often over a long period.
Lifetime gifts, the judicious use of trusts, and care with transfer of agricultural and business property can all help to reduce IHT liability.
It is also possible to mitigate potential inheritance tax liabilities by arranging adequate life assurance cover.
We can help you with your estate planning, including succession planning and business exit strategies.
Call 020 7427 5700 today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. But don't leave it too late!
Beechams LLP is registered in England No OC304423. A list of members is available at 3rd Floor, 167 Fleet Street, London EC4A 2EA.
Beechams LLP is a member of the UK 200 Group, an association of independent practising Chartered Accountants.
Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.