Estate Planning
Few of us like to think about dying, but equally, few of us could live with the thought that we have not made adequate provision for family and friends who survive us.
The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us know when we will die, this means addressing estate planning and inheritance tax now.
The earlier you make arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!
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. We provide a discrete estate planning service that includes:
- Assistance 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.
If you would like to begin your estate planning right now with a preliminary review, or have queries on inheritance tax, please call Myers Clark, Chartered Accountants in Watford, on 01923 224411 or click here to email us. Key members of the estate planning team are Robert Marsden and Peter Horn.