Filling the gap if you lose the capacity to deal with your affairs
There is a distinct possibility that you could lose the capacity to deal with your affairs well before you die. Lasting Powers of Attorney (LPAs) are intended to fill the gap. An LPA is important, and it should be drawn up while you still have full capacity (they are often dealt with at the same time as a Will). Bear in mind that incapacity could be triggered by an accident or a sudden illness, rather than gradual decline.
Taking advantage of the new rules that apply from 6 April 2017
Unforeseen life events and circumstances can potentially impact your finances in a number of ways. We can help you to safeguard your wealth for future generations.
Making a gift to your family and friends while you’re alive can be a very effective way to reduce the value of your estate for Inheritance Tax (IHT) purposes and benefit your loved ones immediately.
Reducing the amount of Inheritance Tax payable on other assets
Business
Depending on how you own the business and what type of business it is, you could receive either 50% or 100% tax relief on it. Business Relief reduces the value of a business or its assets when working out how much Inheritance Tax (IHT) has to be paid.
An important part of your estate preservation process
If you want to mitigate the effects of Inheritance Tax (IHT) on your estate, trusts can be an important part of the process. When you put cash, property or investments in a trust, provided certain conditions are satisfied, you don’t own it any more. This means it might not count towards your IHT bill when you die.
