EBS Trustees Ltd - Offering an innovative and bespoke private client service in all aspects of trusts, trust management and estate planning

Estate and IHT Tax Planning

IHT and Estate Planning EBS Trustees LanarkMany people think that inheritance tax (IHT) applies only to the very wealthy. However with more and more people owning their home, their estate may be larger than they think. It is, after all, the most valuable asset most people are likely to have. Property prices will inevitably return to growth and, in doing so, will silently increase the size of a person's estate. This will not be helped by the IHT nil rate band being frozen until 2015. Currently the first 325,000 (the Nil Rate Band) is taxed at 0% with the balance at 40%. There is a spouse exemption.

This, in certain circumstances, can create tax consequences for a person’s estate. EBS Trustees can advise if you are likely to incur any IHT liability and on estate planning measures to manage any future tax liabilities. We have been helping clients for many years to manage their assets in the most tax efficient way and lessen the impact of any tax implications when they come to die. There are various ways by which this can be done and we can offer advice on the following:

  • drafting tax efficient Wills
  • making use of the Nil Rate Band exemption in relation to IHT
  • making use of annual gift allowances and Potentially Exempt Transfers (PETs)
  • creating a Trust
  • Discounted Gift Trusts and Gift and Loan arrangements
  • the complications of Business property and Agricultural property relief

Estate planning and inheritance tax advice from EBS Trustees lanarkAdditionally, estate planning can mean much more than what you do with your assets and how you mitigate your tax. It encompasses succession planning not only on a personal level but also if you are a business owner or have an interest in a business.

Many family businesses, however successful, encounter problems when it comes to succession within the family. The family simply fails to consider how the succession of a business will occur and what implications that may have for the family and the business. Business owners may find that only 1 of their children has an interest in a family business while the others may wish to pursue other interests. This can create difficulty in ensuring that any distribution of an estate is done in a fair manner and at the same time allowing the business to survive and prosper.

Tax Planning with EBS Trustees Lanark ScotandAt EBS Trustees, we have assisted many clients to undertake succession planning for their business.

Planning for the future is a wise thing to do and being aware any possible tax implications that may apply to your estate is always prudent. EBS Trustees will be delighted to assist you in this area.

Please do not hesitate to contact us for further information or complete our Estate Planning Questionnaire.

Nothing on this website constitutes legal advice and EBS Trustees accepts no liability for any actions taken by any individual in reliance of what is written here.

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EBS Trustees Limited
EBS House
25 Hope Street
ML11 7NE

t: 01555 678900   f: 01555 678910




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