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 advisors (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.
"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"
Lycetts helps clients to protect their families against the financial pressures caused by...read more
Lycetts advisers use detailed knowledge of inheritance tax relief and exemptions to help...read more
Lycetts advises clients who want to distribute assets as gifts as part of their...read more
It is not always appropriate to gift assets either directly to a beneficiary or into a Trust.read more
Here at Lycetts, we can help clients protect dependants against financial losses in the...read more
Lycetts experts arrange bespoke critical illness cover to protect dependents in the...read more
Lycetts personal protection experts guide you through the best available income...read more
Our experienced staff understand your needs.
Read more about developments both in insurance and at Lycetts.
June 23, 2017
Northumberland-based Emily Young is taking up a new appointment with Lycetts Financial Services, joining our Newcastle office as a financial advisor and will specialise in life and protection insurance.read more
June 14, 2017
Lycetts is the headline sponsor for the 2017 Festival of Hunting for the second year running as part of our ongoing partnership with the East of England Agricultural Society who organise this prestigious event in the hunting calendar.read more