Dunn and Ellis

Estate Duties and Inheritance Tax

Estate Duties and Inheritance tax

This is a task that is often ignored. However it is possibly one of the most important tax planning issues that have to be dealt with. Tax legislation requires us to plan well in advance and experience has shown that the liabilities to Inheritance tax can be minimized or negated if the proper planning takes place.

When individuals have taken a lifetime building up value of personal wealth, it is obviously desirable to transfer that wealth upon your death into the hands of your chosen beneficiaries, and not into the hands of the Taxman.

And yet, all too often clients tend to leave this issue alone, until ‘the next time we meet’. At present, the inheritance rate is 40%, for all assets over and above certain limits.

There are numerous options to minimize an individual’s potential liability to inheritance tax. The sooner the task of reviewing an individual’s estate is attended to, the greater the opportunity that proactive advice can be taken to attain a suitable plan.

A great deal of thought is necessary to achieve the required result, and it is our aim to discuss with the client and their legal advisers the best means of achieving their desired objectives, to ensure this we will;

  • Assist with the planning and reviewing of a will;
  • Ensure that we make full use of all relevant exemptions and lower tax rates on lifetime transfers;
  • Consider lifetime transfers between family members;
  • Advise on transferring agricultural or business property;
  • Advise transferring assets into trust; and
  • Advise and arrange when required adequate life assurance to cover potential inheritance tax liabilities.