In the UK, estate planning is important to ensure your belongings are passed on according to your wishes after you die. We help you create a clear will that states who gets what, which is crucial because, without a will, the law decides how your estate is divided, and it might not align with your wishes. We also guide you on inheritance tax (IHT), which is a tax on your estate value after you pass away. Currently, if your estate is worth less than £325,000, there’s no inheritance tax to pay. By planning and using available exemptions, we can help protect your wealth and make sure it goes to the people you care about most.
Proper planning allows you to decide who receives your assets and how they are used, ensuring that your wishes are honored.
By managing inheritance tax effectively, you can reduce the financial burden on your beneficiaries, allowing them to receive more of what you intended for them.
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Having a well-structured plan in place provides confidence that your financial matters are managed, letting you enjoy life worry-free.
Understanding how pensions fit into your estate plan is crucial for effective wealth transfer. We help you understand the details of pension options, ensuring that you can pass on benefits in a tax-efficient manner. Our team will assess your current pension arrangements and advise you on strategies to maximise their value for your beneficiaries. This includes understanding how to utilise pension pots that may not be subject to inheritance tax, allowing you to leave more for your loved ones.
Making financial gifts during your lifetime can be a smart way to reduce your inheritance tax liability. We guide you through the process of gifting, including the important seven-year rule for potentially exempt transfers (PETs). By understanding how gifts can be structured, you can pass on wealth while still maintaining enough for your own needs. Our advice ensures that you take full advantage of annual exemptions and other allowances, helping you give generously without facing significant tax penalties.
Setting up trusts and writing wills are essential components of effective estate planning. Our team assists in creating trusts that reflect your wishes while reducing tax costs. Trusts can protect your assets and provide for your beneficiaries in a structured way, ensuring that your wealth is managed according to your preferences. Additionally, we help you write wills that clearly outline how you want your assets distributed, reducing the potential for disputes among family members.
Choosing the right investments can significantly impact your inheritance tax liabilities. We provide guidance on selecting investments that not only grow your wealth but also qualify for various tax reliefs. This includes exploring options like Business Relief investments that can help reduce the taxable value of your estate. Our goal is to ensure that your investments align with both your growth objectives and your estate planning needs.
By utilising our estate planning and inheritance tax services, you can effectively manage your wealth and ensure it is passed on according to your wishes. Let us help you take the necessary steps today for a secure financial future for you and your loved ones. With our expert guidance, you can understand the details of inheritance tax and create a lasting legacy.
If you want to take your accounting work to the next level, then reach us today without wasting time.
PHS Associates Acc & Co is led by a skilled team with expertise in Accounting, Taxation, Payroll, Business consultancy, and Company secretarial services.
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