Inheritance Tax & Estate Planning

Understanding the tax implications of estate planning and inheritance.

Families often overlook tax considerations when a loved one passes away. However, it's crucial to recognise that taxes will be one of the initial expenses that your family needs to address using the estate's assets.

The amount of tax to be paid from your estate depends on the choices and plans you make now. Planning for the future is essential, especially considering the increasing life expectancy.

Research indicates that if you're currently 65 years old, there's a 70-80% chance of living into your 80s and a 40% chance of reaching your 90s, which is encouraging.

Nevertheless, rising living costs, assisted care, care home fees, and applicable taxes during and after life can significantly diminish the value of your estate if not properly planned. 

If you are disposing of an asset e.g. property, the share of a company, stocks & shares investments, you should ensure that all the available tax reliefs, allowances and exemptions are claimed and you dispose of the asset at a time which is most financially beneficial to you.

Dealing with inheritance tax, capital gains tax, and other taxes affecting your beneficiaries doesn’t have to be overly complex. It simply requires input and planning advice from professionals who handle these matters on a daily basis.

Contact our team of tax and wealth management advisors who will guide you through straightforward steps to prepare for the future and assist in structuring your estate and financial arrangements to ensure tax-efficient transfer of assets to your beneficiaries.

Derek Hanlan

Associate Director

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