|Home : Wills : Powers of Attorney : Trusts : Estate & IHT Planning : Care Home Funding Advice : About Us : Contact|
Estate and IHT Tax Planning
Many 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:
Additionally, 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.
At 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.
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.
Lanark Estate Planning - Lanark Inheritance Tax Planning - Lanark IHT Planning - Lanarkshire Estate Planning - Lanarkshire Inheritance Tax Planning - Lanarkshire IHT Planning - Glasgow Estate Planning - Glasgow Inheritance Tax Planning - Glasgow IHT Planning - Edinburgh Estate Planning - Edinburgh Inheritance Tax Planning - Edinburgh IHT Planning
EBS Trustees Limited
EBS Trustees Limited Established 1982
|Site Design by DM Web Solutions Ltd||© EBS Trustees Ltd|