14th September 2023
During our Family Inheritance seminars we aim to provide useful information about protecting and maintaining the value of a family’s inherited assets, wealth and property for future generations.
Below you can find some of the subjects we cover during our two-hour seminar sessions.
Estate planning refers to the process of making decisions and creating legal arrangements to manage and distribute your assets and belongings after your death or in the event of incapacity. It involves putting together a comprehensive plan that outlines your wishes and instructions regarding the transfer of your estate to your chosen beneficiaries.
Inheritance tax, or also known as the estate or death tax, is normally imposed on the assets and wealth transferred from a deceased person to their heirs or beneficiaries. It’s a one-off payable depending on the set threshold. As of 2022/2023 the set threshold is at £325,000, meaning any estates and assets below that value are not subject to Inheritance Tax.
Budget Announcements
The Lasting Power of Attorney (LPA) is a legal document which grants an individual (referred to as the ‘attorney’) the authority to make financial and legal decisions on someone’s (referred to as ‘donor’) behalf in the event of being incapacitated.
Health and Welfare: making decisions regarding a person’s health such as living arrangements, medical treatments, care and etc.
Property and Financial Affairs: making decisions regarding a person’s financial affairs.
Making a will is one of the crucial steps to preserving your family’s wealth for generations. The will is a legal document which specifies how you want your assets to be distributed after your death, making it easier for your loved ones. It allows you to appoint beneficiaries, guardians for minor children or gifting money to charities.
What is Intestacy?
Trusts can be established to hold and manage assets for the benefit of beneficiaries, provide asset protection, minimize tax liabilities, and control the distribution of wealth.
Trustees are normally responsible for managing the trust and carrying out the wishes of the ‘settlor’ set out in the trust deed.
Tax Planning
Beware of Unlawful Schemes
In the UK, lifetime gifts made within seven years of death can be subject to Inheritance Tax. However, there are various gift allowances and exemptions available, such as the annual gift exemption of £3,000, small gift exemption of £250 per person, and exemptions for certain gifts made in consideration of marriage or for maintenance of family members.
Tax laws and regulations change all the time so you should always seek a qualified tax advisor who specialises in Inheritance Tax for most up-to-date and personalised advice.
Leaving a gift in your Will towards a charity can be not only the noble thing to do but it is also completely tax-free meaning it will reduce the Inheritance Tax you would normally pay on your estate.