Estate Planning & Inheritance Tax
Looking to take advantage of advantageous inheritance tax laws? Look no further than our state planning and Inheritance tax service provider! With years of experience helping families succeed with their IHT planning, our team can help you make the most of your estate – while keeping taxes as low as possible. Contact us today to learn more!
Inheritance Tax Planning and Legacy Planning for Landlords
Inheritance tax is a type of tax that can reduce the value that your beneficiaries inherit. However, there are ways to minimise the amount of inheritance tax that you will have to pay
With mounting taxes and regulations on both individuals and businesses, it is more important than ever to have a team of professionals who can help you with your tax needs. At We Save Property Tax, we specialize in property tax, and we are here to help you get through the process with as little stress as possible. From initial consultations to final paperwork, we are here to take care of everything for you.
Lifetime Planning
Do you have any concerns about the future of your family? Do you want to ensure that your loved ones have a positive legacy to leave behind? Are you worried about the impact that inheritance taxes might have on your finances? If so, you’re not alone. Many people are concerned about the future of their families and the effect that inheritance taxes might have on their finances. Fortunately, there is a way to protect yourself and your loved ones from potential financial problems – through lifetime planning.
Family Investment Company
Every family is unique, with different needs and desires. That’s why we offer a variety of family investment company (FIC) options to meet the specific needs of your family. Whether you’re looking for a way to save money and protect your assets, or want to pass your wealth down to future generations in a tax-efficient way, we can help. We understand that families are busy and want options that will allow them to be more involved in their own finances, while still having access to the financial stability and peace of mind that comes with investing in a private company.Give us a call today and let us show you how our FICs can benefit your family.
Trust
If one is concerned about direct gifts in the context of preserving family assets from third party claims, divorce, bankruptcy, spendthrift spouses, and youthful improvidence, then generally, one of the following strategies should be employed:
1. Create a trust. This allows for the transfer of assets without the need for formalities or outside interference. The trust will typically be administered by a trustee who is chosen carefully to have no stake in the outcome of the trust’s management.
2. Insure the gift is irrevocable. This means that even if one’s spouse were to file for divorce or bankruptcy protection shortly after receiving the gift, the gift would still remain intact and would not be subject to any claim by their spouse.3. Set up a revocable living trust. A living trust allows for more flexibility than a trust because it can be amended at any time without involving a lawyer or trustee. However, this type of trust also has greater risk because it is less durable and can be easily dissolved by either party without consulting attorneys or judges.
Family Investment Partnership – an Alternative to the FIC?
With the recent rise in inheritance tax planning, many landlords are turning to Family Property Investment Partnerships (FPIPs) as an alternative to the FIC. Here, we break down what FPIPs are, their benefits for landlords, and how to set them up.
Family Home
We understand that the family home is invariably the most valuable family asset, and we have a bespoke tested strategy to mitigate the IHT tax on the family home, whilst not disturbing any lending or affecting inheritance planning. We know that you want to protect your assets as much as possible, and that’s why we’ll take all the necessary measures to safeguard your family home without costing you a penny.
Deathbed Planning
The death of a loved one can be a very difficult time for the family. Whilst they are grieving, they will also be grappling with the practicalities of what comes next – who will take care of the children, who will make the funeral arrangements, and so on. However, this is an excellent time to plan for inheritance – by doing this, you can minimise any conflict that may arise over who gets what when you die, and you can also ensure that your loved ones are taken care of financially.
Post Death Planning – Reactive Planning
Post death planning is a process that individuals can use to ensure that their loved ones are taken care of following their death. reactive planning is another term for this process, and it refers to making sure that all appropriate steps are taken in order to protect the interests of those who are left behind. Post death planning can help prevent some potential problems from arising, and it can also help to reduce the stress that family members may be experiencing.
General
As an independent tax advisor, I am often asked to give my opinion on various tax planning strategies. While every individual’s situation is unique and requires a tailored approach, there are some general tips that can be useful in most cases.
For example, it’s always important to keep your overall financial picture in mind when looking at potential tax deductions or credits. If you have large medical bills or other expenses that outweigh any income-related deductions or credits, you may want to reconsider filing as self-employed. And finally, don’t forget about estate planning – not just for yourself but also for your loved ones should you pass away prematurely.
By taking the time to plan ahead and consult with an expert like myself, you can ensure that your finances are handled in the best possible way during these challenging times. Thanks for reading!
OUR TEAM
We are a highly experienced team of specialist legal and tax consultants from private practice and ex HMRC officers, we have extensive knowledge and experience in advising on sensible IHT strategies to mitigate tax whilst preserving the family wealth for the next generation.
