A hotly debated topic in recent years is inheritance tax. This is currently payable at 40 per cent on taxable assets in excess of £325,000, although for individuals and couples passing their main home to a direct decedent, they may qualify for an additional main residence nil rate band of a further £175,000.
At Lycetts, we know that each estate is different, as are the values and intentions of each individual. This means the scope, scale and timescales associated with the transfer of assets vary greatly. A client’s position must be thoroughly assessed before agreeing a plan for minimising and insuring inheritance tax liabilities. The first step in this process is to establish the facts surrounding an estate by detailing current assets and calculating liabilities. While considering the role wills and trusts might play and assessing eligibility for exemptions.
Lycetts provides clients with an assessment of their current liability and provides independent expert advice on the provision and prevention of inheritance tax, where appropriate. Our independent financial advisers (IFAs) help in a variety of ways, for example: protecting an estate from liability, developing trusts as a vehicle for assets, assessing potentially exempt transfers (PETs) and chargeable lifetime transfers. Whilst also investing in and retaining income from exempt schemes and assets, and leveraging business and agricultural property relief.
Once a strategy is in place, we keep all our clients aware of potentially significant changes in legislation and regulation and keep all plans under constant review. This is to ensure they are meeting a clients requirements.
Contact us to begin discussing your inheritance tax planning options today.
