Passing your wealth on to your loved ones
We provide expert financial advice on inheritance tax planning, estate planning and intergenerational planning. Using trusts, lifetime gifts, life assurance, pensions and inheritance tax strategies to make sure the legacy you have created can be passed on not only when you die but also during your lifetime, in the most tax-efficient manner.
Our advice is always tailored to you and your family’s specific circumstances.
Inheritance Tax Planning
If you have sizeable assets in property, savings, personal possessions and pensions, then inheritance tax planning is the initial starting point to minimise the impact of tax payable on your estate when you die, before it is passed on to your beneficiaries.
Each year the UK Government reviews the tax rates payable, along with reliefs and exemptions, as well as how it will treat gifting, so it is important to plan each year and check that your estate will pass legally and ethically to your beneficiaries, without them having to pay a large tax bill.
We can provide advice on the various methods that can be used to help mitigate Inheritance Tax (IHT) based upon your particular circumstances and requirements.
Wealth Preservation | Glasgow | Scotland
Make a Will*
Having a will is one of the most important things you can do to ensure your estate ends up in the right hands should you die. We don’t offer a will writing service ourselves, but it is something we strongly advise all our clients undertake. If a will is already in place we also recommend making sure it is up to date, especially after certain life events such as; buying a house, getting married, having children, changing jobs, divorce, illness, starting or selling your business, inheriting any money.
Making planned gifts of money or assets to your family while you’re alive can reduce the value of your estate for Inheritance Tax purposes whilst at the same time benefiting the younger generations of your family. For example, starting savings for children and/or grandchildren, school/university fee planning, paying off university fees, helping younger generations onto the property ladder, helping with the ongoing expenses that come with starting a family.
Use of Trusts
Trusts are a very useful and often overlooked part of estate planning. They can help reduce or mitigate Inheritance Tax and can also be used in retaining control and asset protection for the beneficiary.
There are many different types of trust, each with a different purpose and tax rules, they can be complex and require expert advice.
The Financial Conduct Authority does not regulate taxation planning, trusts, estate planning and inheritance tax planning.
* We don’t offer a will writing service ourselves, but it is something we strongly advise all our clients undertake, and you should seek your own advice.
Tax treatment varies according to individual circumstances and is subject to change.