Regardless of your age or circumstances it is never too soon to consider making provisions for the future and Cohen Cramer can provide you with the advice and help you need to take account of tomorrow and to do it today.
The main areas to consider are ‘life planning’, ‘estate planning’ and ‘inheritance tax planning’?
What is ‘life planning’, ‘estate planning’ and ‘inheritance tax planning’?
Essentially all these terms mean the same thing; planning how your money and property will be disposed of in advance of advance of your death. Actively making these plans can eliminate uncertainly and reduce the tax and other expenses payable by your estate allowing you maximise the benefit you can give to your family and loved ones.
The first question you need to ask yourself is whether you even need to consider the prospect of your estate paying inheritance tax on your death.
If your net estate is not worth £325,000 or if you are married and your joint estate with your husband or wife is not worth £650,000 then you do not need to worry about inheritance tax. If your net estate exceeds these figures then anything over and above those figures will be taxed at a rate of 40%.
How can you minimise the inheritance tax payable?
There are exemptions and reliefs to be aware of, steps you can take when you are alive and there are provisions that you can make in your Will to minimise tax.
As the world of inheritance tax has been a long game of cat-and-mouse between legal and financial minds and HM Revenue & Customs, the provisions and steps can at times be complicated and every case is different. We therefore strongly recommend that you contact one of our specialist advisers today to discuss what options may be available to you, such as:
- Inheritance Tax Exemptions and Reliefs.
- Lifetime gifts.
- Setting up a Trust.
Care Home Fees
The other biggest worry to most clients is the cost of care home fees and the detrimental effect they can have on the inheritance you planned to leave to your loved ones. Whilst there is no magic wand to be waved in respect of care home fees, there may be alternative steps you can take to make sure your family and friends enjoy your money.
Making sure that your estate is dealt with as you intended and for the maximum benefit for your family and loved ones is a wide and complicated area that needs experienced and expert advice. Cohen Cramer can give you this help and advice.
For your free initial consultation get in touch with us today:
- Call: Nicola White on 0113 224 7843
- Email: firstname.lastname@example.org
- Request a call back using the form at the bottom of this page
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