A hotly debated topic in recent years, inheritance tax is currently payable at 40 per cent on taxable assets in excess of £325,000, although this will be increasing from April 2017 to 2020 up to £500,000 for those including principal private residence.
At Lycetts, we know that each estate is different, as are the values and intentions of each individual. This means that the scope, scale and timescales associated with the transfer of assets vary greatly and that each client’s position must be thoroughly assessed before agreeing a plan for minimising and insuring inheritance tax liabilities. The first step in this process is to establish the facts surrounding an estate by detailing current assets and calculating liabilities, while considering the role wills and trusts might play and assessing eligibility for exemptions.
Lycetts provides clients with an assessment of their current liability and provides independent expert advice on the provision and prevention of inheritance tax, where appropriate. Our independent financial advisers (IFAs) help in a variety of ways, for example: protecting an estate from liability, developing trusts as a vehicle for assets, assessing potentially exempt transfers (PETs) and chargeable lifetime transfers, investing in and retaining income from exempt schemes and assets, and leveraging business and agricultural property relief.
Once a strategy is in place, we keep all our clients aware of potentially significant changes in legislation and regulation and keep all plans under constant review to ensure they are meeting a clients requirements.
Contact us to begin discussing your inheritance tax planning options today.
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"The relative merits of asset protection or provision can only be decided once we have clear and detailed view of a client's estate and how they would like it to be distributed. Our expertise lies in helping clients to understand their liabilities and then avoid significant tax bills by choosing the best and most appropriate vehicles for distribution"