2020 Guide to Estate Preservation

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2020 Guide to Estate Preservation

Welcome to our Guide to Estate Preservation. Effective estate planning aims to ensure that the wealth you have accumulated during your lifetime is distributed to the right people, at the right time and as tax-efficiently as possible.

Preserving and enhancing your wealth is one of our core objectives. You’re likely to want to pass as much of your wealth to your loved ones as possible. And you’ll want to provide for your dependents, especially your spouse and children.

We’re here for all of life’s milestones to help you prepare for the future. We are able to help you navigate the complexities of estate planning, Inheritance Tax and setting up trusts, for seamless family transitions.

Inheritance Tax is no longer confined to the super-rich. If, like many people in the UK, your assets exceed £325,000, being subjected to a 40% tax bill upon inheritance can exacerbate an already stressful time for your loved ones.

But with careful tax planning, we can help you preserve more of your estate legacy, without compromising your financial security. The average bill for an estate paying Inheritance Tax is over £170,000[1].

By helping you with Inheritance Tax mitigation, or working with your solicitor on appropriate Will and Trust structures, we can help you pass on your wealth tax-efficiently.

For added reassurance, we can also help with a range of protection solutions, including life assurance to protect your family.

By structuring your estate tax-efficiently, HM Revenue & Custom’s (HMRC) claim on your estate could be minimised so your loved ones receive more of your wealth. This may reduce the need for your beneficiaries to sell your assets quickly in order to meet Inheritance Tax bills. It should also reduce the amount of paperwork for them and avoid costly disputes with HMRC.

You may want to consider how you can pass on your hard-earned assets to the next generation and how you minimise the Inheritance Tax bill. We can advise you on how to structure your assets appropriately to pass more of your wealth to your chosen beneficiaries. We will review your current situation and help you determine how you want your estate to be distributed and keep you appraised of the current rules, as levels and bases of taxation are liable to change.



Wealth transfer and the next generation

Wealth transfer and the next generation

We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation… Read More »

Inheritance Tax

Inheritance Tax

Effective estate preservation planning could save a family a potential Inheritance Tax bill amounting to hundreds of… Read More »

Residence nil-rate band

Residence nil-rate band

The Inheritance Tax residence nil-rate band came into effect on 6 April 2017. It provides an additional nil-rate band… Read More »

Lifetime transfers

Lifetime transfers

If appropriate, you can transfer some of your assets while you’re alive – these are known as ‘lifetime transfers’… Read More »

Making a Will

Making a Will

If you want to be sure your wishes are met after you die, then it’s important to have a Will. A Will is the only… Read More »

Trusts

Trusts

Appropriate Trusts can be used for minimising or mitigating Inheritance Tax estate taxes and can offer other… Read More »

Lasting power of attorney

Lasting power of attorney

A lasting power of attorney enables individuals to take control of decisions that affect… Read More »

Wealth preservation

Wealth preservation

Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure… Read More »

Taking the next step

Whatever stage of your life you’re at, we can guide you through the opportunities and challenges you may face.

If you would like further information or to arrange a meeting, please contact Mercier Allen.

To download the full guide please click here.

Source data:

[1] Prudential 2019

This guide is for your general information and use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.