protecting family wealth

Inheritance Tax has been described by Labour MP Stephen Byers as "penalty on hard work, thrift and enterprise". With a sharp increase in property values in recent years many families could face the prospect paying Inheritance Tax on the passing of their family home before they even consider the value of other assets.

Changes to taxation and trust legislation in recent years have exposed you to a greater likelihood of paying Inheritance Tax. If you own a second home, land, antiques or other investments, you may be liable to pay Capital Gains Tax on profits made in excess of your current annual tax allowance. It is now harder than ever as a family to ensure your wealth can stay within your family as the generations pass.

A widow with an estate of £1,000,000 and three children could face a situation where the Inland Revenue is the largest single beneficiary of the estate.

Whilst you do not expect to die young, have you made sufficient provision for your family¹s future should the unexpected happen? The foundation to a family estate plan is a well drafted will ensuring the assets pass to those you want to benefit and that where possible, you make use of all allowances available.

If you have valuable assets exposed to this tax we can help you control your tax burden with prudent and recognised planning mechanisms that can compliment the legal and accountancy advice you receive.

Creation of equal estates for husbands and wives
Use of investments that can be written in trust to use allowances
Use of investments to reduce Inheritance Tax but allow you to have income
Use of investments that are free of Inheritance Tax under current regulations
Establishing a strategy to support lifetime gifting
Insurance for your liabilities if you cannot use any other method

If you would like further information on protecting your family wealth please contact the Willis and Company (Financial Services) Limited team on 028 9032 9042 or complete our enquiry form.

All initial consultations are free and without obligation. We are not accountants or solicitors and our advice should be considered alongside the advice you receive from other professional advisers.