What is Estate Planning?

Expert Estate Planning combines both “legal and financial” expertise at the highest level of tax and law.  It is the one sure way to keep the family wealth and fortune preserved, from inheritance tax and other expenses for those who matter to you.

Protect Family Inheritance and Heritage

 Preserve Family Wealth

A good Estate Planner has a lot of skills.  He is part Independent Financial Adviser, part Chartered Accountant, part Solicitor, part Business Counsellor, part Family Counsellor. He can –

  • Ensure a business does not die with the owner or partner;
  • Help to avoid the legal and financial pitfalls that denude an estate of value;
  • Mitigate inheritance tax.  Mitigate court costs.  Mitigate legal fees;
  • Ring-fence assets to prevent losses due to inter-marital problems and family disputes;
  • Provide ‘elder-care’ tools and ‘special needs’ tools, without disrupting government benefits.

A good estate plan is a continuous work in progress to match changes in wishes, family circumstances and the law.

The Inheritance Tax Trap

Inheritance Tax (IHT) is the last grab at your assets by H.M. Revenue & Customs ( HMRC).  If your estate exceeds £325,000 it has to pay tax at 40% on the excess amount, before, your family receive any inheritance.

Many people greatly underestimate their true life’s worth and do not ‘think’ that they are in the IHT arena – particularly co-habiting couples.  The survivor may have to pay IHT to continue living in the family home.  And, the estate will be locked into an administrative limbo, until the tax is paid.  Note the ‘Catch-22’ situation.  No estate can be sold with which to raise the money, because probate cannot been authorised; until the tax is paid!

How We Can Help

There are estate plans and then there are ‘Estate Plans‘.  The Edmund and Eve style of services does the latter.  Water-tight.  Comprehensive.  And, value for money.  We help you to map out the full family wealth picture, so you will know exactly what is expected and needed.

Good estate planning requires time, expertise and a lot of skill to do well.  Inheritance law and Her Majesty’s Revenue & Customs take no prisoners in this arena, and the fall-out for error or assumption can be devastating.

 

Examples of Family Situations with Enquirers asking – “How much is a Will?”

It Points to Estate Planning.

These examples may help you realise that you are not the first to have the problem.   Albeit the question is similar, the solution is unique to your circumstances and wishes.  That is our forte.

1. The Vulnerable Beneficiary

  • “I care for a relative who is mentally / physically impaired and I’m worried what will happen when I’m not around to take care of him.”
  • “I’m worried that my child may go bankrupt. His business is in debt and he has relationship issues.”
  • “I’m worried that my child suffers a drug addiction and won’t listen to reason and seek help.”
  • “I’m concerned that my child is simply unworldly and unable to manage money.”

Our solution: Tailored crisis provisions in your Will Plan gives your vulnerable beneficiaries the protected future you want them to have.

2. The Conditional Legacy

  • “I want to give away part of my estate without losing control.”
  • “I want to gift my daughter assets and get them back if it doesn’t pan out with her husband.”
  • “I want to make gifts without anyone knowing about it.”
  • “I want to make gifts that my ex-spouse/partner cannot get hold of.”

Our solution: Tailored ring-fence provisions, will give you full control of where, when and how much your beneficiaries receive.

3. The Inheritance Tax Headache

  • “I want to benefit my children without adding to their current IHT liability.”
  • “I have inherited a property and I think it has made my estate an IHT problem, what can I do?”
  • “I work for a large firm and my Death in Service benefit is £500,000. Does it make my estate liable to IHT?”
  • “I run a small business which I plan to sell, I hear that if I do, my estate will be liable to IHT. How do I avoid it?”

Our solution: Bespoke ring-fence provisions would enable you to fully control exactly how and when your beneficiaries receive assets.

4. The Business Owner’s Dilemma

  • “I’m a business partner. Is it true that I ought to have a partnership agreement to protect my family and partner?”
  • “I run a small successful business and I already have a Will, of some years. Is it true I ought to have an audit?”
  • “I am a sole trader and want to pass on my business to my daughter, what is the best way?”
  • “Is it true I get tax relief on my legacy when I gift my business in my Will?”

Our solution: Without a formal business succession plan, the future is uncertain at best. Our Will Plan ‘safety net’ provisions protect your loved ones, business partners and employees, giving your estate the time and means to be fair and equitable to all. Did you know that your Business Will Plan is tax-deductable?

If you would like to know how inheritance tax and the law might affect your wishes and family circumstances, then feel free to contact us on   0118 9 740 130  for a confidential discussion.  Alternatively, complete the email enquiry box below and we will be in touch shortly.

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