Preserving your wealth for future generations. Towry s Guide to Estate Planning
|
|
- Rolf Casey
- 8 years ago
- Views:
Transcription
1 Preserving your wealth for future generations Towry s Guide to Estate Planning
2 About Towry We are one of the UK s leading wealth advisers and specialise in providing high quality, expert fi nancial advice to private individuals, families and trustees. Established over 50 years ago, we have 20 offi ces across the UK and look after the fi nancial needs of over 25,000 clients. When you seek advice from Towry, you have the reassurance of knowing that all our wealth advisers are highly qualified. In fact, the majority have achieved Chartered Financial Planner status, the highest professional qualification in the industry. One important difference of our service is our advice is Towry s advice, rather than the experience and thoughts of one individual. We achieve this by working as a team, where our wealth advisers work alongside wealth planning and technical experts. What sets us apart from other advisers is that we believe that your financial decisions should be made as part of a personal financial plan which is structured to help you achieve your short and long-term financial goals. Any Estate Planning strategy should be developed in the context of this wider financial plan. 2
3 Your guide to passing on your assets effectively In the past, inheritance tax (IHT) planning used to be an activity confined to the very rich. However, growing affluence means that this is no longer the case. Even families and individuals with a relatively moderate level of wealth, now need to plan ahead to ensure that their assets are passed on to their loved ones as efficiently as possible. Of course, inheritance tax mitigation is only one of the factors that you need to consider when passing on your wealth. Estate Planning can be defined as passing your estate to the people that matter to you in the most effective way. While mitigating IHT is often the cornerstone of Estate Planning, it can also include how to protect your assets, for example, if your children divorce. Retaining sufficient control over who the recipients are and when benefits are paid are also key considerations. It s also important that any actions you take do not place your own standard of living at risk and that you have a safety net if something unforeseen happens. Planning ahead is crucial Whether inheritance tax is an issue for you or not, it s always a good idea to plan ahead and consider how those closest to you will be affected when you die. This guide will give you a broad outline of many of the considerations and actions you can take concerning your estate. It s important to note that Estate Planning is a complex area and it is highly unlikely that any problem you have can be solved through a single action. We believe getting expert professional advice can make all the difference. A wealth adviser can work with you to put together the right plan for your particular circumstances. 3
4 What is inheritance tax? Inheritance tax (IHT) is essentially a tax on the transfer of your assets. This can be while you are alive or on death. So anytime you make a gift of money or any other asset you need to consider the tax implications. An estate will be subject to inheritance tax if, on death, it exceeds the IHT threshold. Known as the Nil Rate Band, this is effectively a tax-free allowance and it is currently set at 325,000. IHT is charged at 40% on everything above this level (although this reduces to 36% if you gift more than 10% of your taxable estate to charity). An illustration of how much tax could be payable on an estate is shown in the chart below. IHT normally becomes payable on your death. However, if you gift too much money using a trust during your lifetime it is possible that you will have to pay tax at the time of making the gift. Generally speaking, if you are UK domiciled, or have made Britain your permanent home, all your worldwide assets including personal items and any assets held offshore are taxable. How much inheritance tax could you pay? 2,000,000 1,800,000 1,600,000 1,400,000 IHT Liability Remainder Nil Rate Band 470, ,000 1,200,000 1,000, , , , ,000 70, , , k 500k 800k 1m 1.5m 2m Estate size Assumes one full Nil Rate Band is available. 4
5 Calculating whether you have a potential liability To estimate how much inheritance tax you may have to pay, simply add up the value of all your wealth, subtract 325,000 and then multiply the remainder by 40%. Married couples (or civil partners) can add up their combined estates and reduce this by two allowances of 325,000 before applying the 40% rate to estimate their liability. We have given an example below. You should note that this is just an estimate. If you have made gifts in the last seven years some of your Nil Rate Band allowance may already have been used. If you have been widowed in the past, with careful planning you may be able to use more than one allowance as an individual, and as many as four allowances for married couples who have previously been widowed. For more information please refer to page 8. Examples of how tax or tax relief may apply are based on our understanding of current tax legislation. Whether any tax will be payable, at what level it is charged and whether you qualify for tax relief will depend upon individual circumstances and may be subject to change in the future. Value ( ) Property 600,000 Life Assurance (not written in trust) 200,000 Savings and Investments 130,000 Car 25,000 Other valuables and possessions 35,000 Total assets 990,000 Amount above 650,000 (2 x Nil Rate Bands of 325,000) 340,000 Inheritance 40% 136,
6 A systematic way to plan your estate Successful Estate Planning is dependent on getting the foundations right and it is most effective when it is conducted early. The later you leave it, the more limited your options will be. At Towry, we believe the best way to approach Estate Planning is to adopt a systematic process. The first step is to define what you want to achieve. You need to decide, for example, who you want to benefit from your estate and when the benefits will be received. Another consideration is whether you want to give away your assets outright or if you want to retain some control over them. and any pensions and life assurance you may have. The best solution will be built around your needs and should take account of all the options available. This may involve some simple actions like reducing the size of your estate through spending and gifting. There are many different options available to you and seeking advice will help you consider them all. Of course, family situations alter and estates can grow or shrink. Tax legislation and allowances also change. So, whatever actions and solutions you put in place, it is important to review them regularly. When deciding what you want to achieve, you need to look at the whole picture. For example, you should consider any businesses you own 6
7 The four-step approach to inheritance tax mitigation Effective IHT mitigation is about getting the right balance between maintaining access to your money when you need it and saving tax. This is because, in general, the more tax efficient a solution is, the less access you have to your assets. Safeguarding your own financial future is very important and giving too much away could put this at risk. We believe successful Estate Planning can be distilled into four broad steps. Step 1 Initial actions Before utilising some of the more commonly considered solutions covered in steps two to four, there are some fast-acting, remedial actions that can be taken to reduce an inheritance tax liability or to prevent it from getting rapidly worse. These potential quick wins include: Writing existing life policies in trust life cover will fall into an estate if it is not placed in a trust and so 40% of the sum assured could potentially be lost in tax Leaving lump sum death benefits from pensions into a trust if you die before age 75, lump sums payable from untouched pension funds are usually tax free. However, if these are left to the surviving partner they form part of their estate on death. By pre-arranging for these benefits to be added to a trust, tax can be avoided on the second death Using deeds of variation these allow the recipient of a recent inheritance to vary the deceased s will in order to pass money either outright to other people or to a trust. This can be immediately effective in reducing the original beneficiary s liability on the money they received Have you considered creating a Lasting Power of Attorney? A Lasting Power of Attorney gives someone the authority to handle your financial affairs if you are no longer able to manage them yourself. It may never be needed, but if you do not have one and you lose the capacity to make decisions for yourself, it can be costly and complex to administer your affairs through the courts. 7
8 Step 2 Make the best use of allowances and reliefs As we highlighted earlier, an estate is only subject to inheritance tax if an individual s assets are worth more than their Nil Rate Band allowance of 325,000. So, if you are single and have made no significant gifts in the last seven years, there will be no IHT to pay on the first 325,000 of your estate. Anything above this would be taxed at 40%. The good news is that a couple have two Nil Rate Band allowances (one each). Any unused allowance is transferable to the surviving spouse and so, based on the current Nil Rate Band allowance, the surviving spouse can leave an estate of up to 650,000 without it incurring IHT. In some cases, careful drafting of a will may enable a married couple to benefit from more than two Nil Rate Band allowances. This is the case with a married couple where one or both have been previously widowed. The other main reliefs available are Business Property Relief and Agricultural Property Relief. There are some specialist investment solutions which utilise Business Property Relief, although care needs to be taken when using them. Thorough research needs to be undertaken to understand the investment risks they pose and how accessible your funds would be when they are needed. Nil Rate Band frozen until 2018 When considering your allowances it s important to remember that the Nil Rate Band has been frozen until April So if your assets increase in value over the next few years perhaps through increasing property values or rising stock markets your potential liability to IHT could increase too. 8
9 Step 3 Reduce your estate by gifting and spending Once you have made use of your allowances and reliefs the next step is to consider reducing your tax liability by reducing the size of your estate. This can be done by gifting, but don t forget the option of spending a little more on yourself, perhaps on holidays or other large ticket items. Many people deprive themselves unnecessarily in later life, either through habit or fear of running out of money. A gift must be outright if it is to be effective in reducing your inheritance tax liability. Giving an asset away but keeping an interest in it for example, giving your house to your children but continuing to live in it rent-free will be seen as still belonging to you for tax purposes. Before you start the process of gifting, it can be really useful to have a cashflow forecast. This would consider your current income and known expenditure along with other factors such as possible future care costs. It will arm you with the information you require to decide how much money you need to enjoy your retirement, or can afford to give away to help others, without leaving yourself vulnerable if you need care in the future. Towry can help you with this if you seek Estate Planning advice from us. Exempt gifts If gifting is right for you, there are a number of gifts which are exempt from inheritance tax and these are detailed below. They are generally limited in size but the advantage is they are immediately effective. You can make gifts in excess of these amounts, but generally you would need to live for seven years if these gifts are to be effective. Exempt gifts (lifetime exemptions) Annual exemption up to 3,000 per year per donor (once you have used this year s allowance, any unused part of last year s allowance can then be used, but not earlier years) Small gifts up to 250 per year per recipient (you can gift this amount to any number of people) Marriage gifts parents and grandparents can make gifts on the marriage of their children or grandchildren (up to 5,000 and 2,500 respectively) Gifts from income you can make regular gifts from income, provided they do not reduce your standard of living Exempt gifts (lifetime and on death through a will) Married couples exemption any transfers between spouses/civil partners Gifts to UK charities and political parties not only is the gift itself exempt, but if you gift more than 10% of your taxable estate to charity, the rate of IHT on the rest of the estate is reduced to 36%. You can therefore donate to your favourite charity while potentially saving inheritance tax all at the same time 9
10 Potentially Exempt Transfers (PETs) Any outright gifts you make to individuals will be exempt from inheritance tax so long as you live for a period of seven years. These are known as Potentially Exempt Transfers (PETs) and there is no limit on the value of your gifts. If you die within seven years of making a gift, it will be counted against your Nil Rate Band on death. Gifts in excess of your available Nil Rate Band will create an inheritance tax liability for the recipients. However, if you die between three and seven years of making a gift there can still be a potential tax saving through Taper Relief. Trusts Gifts to trusts are more complicated and more costly than giving an outright gift but they do offer some advantages. For example, they can be useful if you want to protect your money from divorce, bankruptcy of the recipient or from irresponsible spending. They can also be useful when providing for vulnerable beneficiaries. There are various types of trusts available and their tax treatment differs. This is a complex area of Estate Planning and we recommend that you seek advice before making any decisions. Gifts made to some trusts are also considered as PETs. However, an immediate tax charge can apply to most trusts if excessively large gifts are made to them. The main types of trust Bare (Absolute) Gift Trusts these are usually set up for a child who, at age 18, receives absolute entitlement to all the trust s assets. Beneficiaries are decided at outset and cannot be changed Discretionary Gift Trusts used by donors wishing to retain flexibility over who the beneficiaries will be, by how much and when the benefits will be received Loan Trusts money can be lent rather than gifted to a trust, allowing the donor access to the money if they need it. The loan is still subject to inheritance tax, but any growth on the trust s assets is not liable to inheritance tax from the time the loan is made Discounted Gift Trusts used by donors who wish to give away assets, but retain a fixed income from them for the remainder of their life. If the donor dies within seven years there may still be a tax saving in most cases 10
11 Step 4 Pay the liability efficiently If you still have an IHT liability on your estate after taking the steps above or if you have made gifts which have created a potential liability for the recipients if you die within seven years you should consider how you can fund this liability in the most efficient way. This will typically involve using life cover and common examples include: Whole of life policies to generate a payment on death to cover the tax liability on the estate Reducing term policies to cover the tax liability payable by the recipient of a gift if the donor dies within seven years Specialist solutions Over and above the strategies already highlighted, there are other specialist solutions which can be used for Estate Planning purposes. These include Enterprise Investment Schemes and other investments which utilise Business Property Relief. We recommend that you seek expert advice if you are considering such specialist solutions. They should form only a small part of your portfolio and be considered once other planning opportunities have been fully explored. Such solutions, known as Tax-led Investments, are generally longer-term investments which may be higher risk, difficult to sell or lose their tax status through decisions made by the investment manager and you may get back less than expected. The key to successful Estate Planning We hope this Guide has been useful in giving you a broad picture of some of the considerations you need to make concerning your estate. In summary, success depends on: Planning early Defining your goals Looking at the whole picture Reviewing all your options Being sensible about how much you give away Understanding the risks associated with any investments you use Estate Planning is a complex area and although we have tried to simplify the principles in this brochure by looking at the solutions in isolation, the majority of our clients require a strategy which incorporates a combination of different solutions. Advice from an adviser with specialist knowledge in Estate Planning is essential if you are to achieve the best result for your circumstances. To arrange a consultation with one of our wealth advisers, simply get in touch with us today. Please call or visit Reviewing regularly 11
12 Towry Limited Towry House Western Road Bracknell RG12 1TL If you would like to know more about Estate Planning, please get in touch to discuss how we can help you. Call or visit Towry Limited is authorised and regulated by the Financial Conduct Authority. Advice in relation to trusts and inheritance tax planning is not regulated by the Financial Conduct Authority, however, the products used in relation to trusts and to mitigate tax may be regulated. TA1082/September 2013
TRUST AND ESTATE PLANNING PARTNERS IN MANAGING YOUR WEALTH PARTNERS IN MANAGING YOUR WEALTH
TRUST AND ESTATE PLANNING 1 About St. James s Place At St. James s Place Wealth Management we offer a wide range of high quality services to both individuals and businesses. At the heart of the business
More informationOCTOPUS EVERYTHING YOU NEED TO KNOW ABOUT INHERITANCE TAX
OCTOPUS EVERYTHING YOU NEED TO KNOW ABOUT INHERITANCE TAX CONTENTS Understanding inheritance tax 3 Should I be worried about inheritance tax? 4 Inheritance tax planning 6 Using gifts 8 Using trusts 10
More informationA guide to inheritance tax
Sept 2014 Contents: 1. Understanding inheritance tax page 02 more 2. Should I be worried about inheritance tax? page 03 more 3. Inheritance tax planning page 05 more 4. Using gifts page 07 more 5. Using
More informationHelping your loved ones. Simple steps to providing for your family and friends
Helping your loved ones Simple steps to providing for your family and friends Contents 01 How can I take control of who gets what? 02 Inheritance Tax 04 Do you know how much you re worth? 06 Making lifetime
More informationCOCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING
COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING Guide to Inheritance Tax Contents This guide provides general guidance only and should not be relied on for major decisions on property or tax. You should
More informationPlanning a prosperous retirement
Planning a prosperous retirement Towry s Guide to Retirement Planning About Towry We are one of the UK s leading Wealth Advisers and specialise in providing high quality, expert financial advice to private
More informationYour guide to UK inheritance tax and trusts. Guide for UK domicile investors only. September 2011. We ll help you get there
Your guide to UK inheritance tax and trusts Guide for UK domicile investors only September 2011 investments pensions PROTECTION We ll help you get there introduction This guide is designed to give you
More informationINHERITANCE TAX PLANNING. Sharing assets. Wills. Potentially exempt transfers (PETs)
INHERITANCE TAX PLANNING Substantial amounts of tax could be payable on the estates of individuals who do not plan for inheritance tax (IHT). The first 325,000 for 2014/15 is taxed at a nil-rate, but the
More informationThinking ahead. An affordable will and estate plan for you and your family
Thinking ahead An affordable will and estate plan for you and your family Thinking ahead Most people understand the importance of having a will and estate plan to safeguard their family s future. However
More informationIt is important to develop a long-term strategy for IHT planning using all the reliefs and exemptions that are suitable.
Introduction Substantial amounts of tax could be payable on the estates of individuals who do not plan for inheritance tax (IHT). The first 325,000 for 2012/13 is taxed at a nil-rate, but the balance of
More informationThe Inheritance Tax Guide
The Inheritance Tax Guide From Cocoon Wealth In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin, 1789 Contents Death and Taxes: Keeping it Simple 3 Do you need to
More informationA personal approach to financial planning. Welcome to Towry. www.towry.com
A personal approach to financial planning Welcome to Towry www.towry.com I have been advised by Towry for approximately six years and have been delighted by the highly personalised service they provide.
More informationGIFT TRUST (CREATING FIXED TRUST INTERESTS) ESTATE PLANNING WITH THE GIFT TRUST
GIFT TRUST (CREATING FIXED TRUST INTERESTS) ESTATE PLANNING WITH THE GIFT TRUST THE GIFT TRUST MAY BE SUITABLE FOR YOU IF: You would like to take advantage of the favourable potentially exempt transfer
More informationA Guide to the Discounted Gift Trust
A Guide to the Discounted Gift Trust > Contents Inheritance tax planning 04 What can the Discounted Gift Trust do for you? 05 Choice of trusts and inheritance tax 06 How does the trust work? 07 Income
More informationPlanning for Care Costs. The Options in Scotland
Planning for Care Costs The Options in Scotland For more information or to speak to one of our trained advisers please telephone our team on 0800 152 2037 Solicitors For Older People Scotland 1/7/2012
More informationMAKING A WILL A guide to help you
MAKING A WILL A guide to help you Death is not something we like to think about or plan for and of course no amount of planning can prevent the pain your loved ones will experience when you die. However,
More informationINHERITANCE TAX (PART 1)
RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) Studying Paper F6? Performance objectives 19 and 20 are relevant to this exam INHERITANCE TAX (PART 1) From the June 2011 sitting onwards a basic understanding
More informationWHY MAKE A TRUST? England & Wales. www.step.org
WHY MAKE A TRUST? England & Wales www.step.org 1 WHAT IS A TRUST? Trusts have been used by families for centuries. A trust is the formal transfer of assets (it might be property, shares or just cash) to
More informationHelping you understand inheritance tax planning. We ll help you get there
Helping you understand inheritance tax planning investments pensions PROTECTION We ll help you get there As Benjamin Franklin said, In this world nothing is certain but death and taxes. Inheritance tax
More informationIntermediary guide to trusts
Intermediary guide to trusts Important: The information in this guide is based on our understanding of current United Kingdom law and HM Revenue & Customs practice, which is subject to change. We cannot
More informationPROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK.
PROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK. Technical Guide Absolute Trust Deed 2 PROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK INTRODUCTION This guide has been written to explain what an Absolute Trust is,
More informationPROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK.
PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK. Technical Guide Flexible Trust Deed 2 PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK INTRODUCTION This guide has been written to explain what a Flexible Trust is,
More informationInvesting for Children. explained
Investing for Children explained About Killik & Co We pride ourselves in being a relationship firm. Each client has their own dedicated Broker, who acts as the single point of contact to provide award
More informationPROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK.
PROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK. Technical Guide Discretionary Trust Deed 2 PROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK INTRODUCTION. This guide has been written to explain what a Discretionary
More informationPRIVATE CLIENT SERVICES
Helping you to manage your personal and financial affairs efficiently and effectively, now and for the future. REF: 9068 07/15 SERVICES FOR YOU PRIVATE CLIENT SERVICES YOU RE NEVER TOO YOUNG TO START PLANNING
More informationRunning your trust A trustee guide to our Flexible Trust
Running your trust A trustee guide to our Flexible Trust Contents The purpose of this guide 3 The duties and powers of 4 the trustees Power of Appointment Named (Schedule B) Beneficiaries Power to appoint
More informationWills & Inheritance in Greece. Wills & Probate. Other Legal Services. Property Law. Business Law
Wills & Inheritance in Greece Property Law Wills & Probate Business Law Other Legal Services If you have or are about to acquire assets in Greece you should consider how they will be dealt with after you
More informationMaking a will and a lasting power of attorney. Fact sheet
Making a will and a lasting power of attorney Fact sheet Introduction Putting in place arrangements for what happens to your estate after your death is a sensible step for the future security of your family.
More informationDiscretionary Trust Deed
Discretionary Trust Deed Discretionary Trust Deed What is it? A discretionary trust designed for use with life assurance plans including investment bonds. The settlor (the person creating the trust) cannot
More informationwww.step.org Why make a trust?
www.step.org Why make a trust? What is a trust? Trusts have been used by families for centuries Dick Whittington (of pantomime fame) used a trust to create a charity for the elderly that still exists to
More informationWills information and Frequently Asked Questions
Wills information and Frequently Asked Questions probate : fact sheet What is a Will? A Will is a legal document in which you state what you would like to happen to your estate. Your estate consists of
More informationA guide to the Loan Trust Your questions answered
A guide to the Loan Trust Your questions answered Contents Why might i consider using a loan trust? 3 What is the Loan Trust? 4 How the Loan Trust works 5 Choice of trust 6 The Loan Trust in action 7 Further
More informationGuide to Relevant Life Policy and Trust
Guide to Relevant Life Policy and Trust Relevant Life Policies are a tax-efficient way of providing death-in-service benefits on an individual basis to company directors and other company employees, no
More informationLife Assurance issues for Cohabiting Couples
Life Assurance issues for Cohabiting Couples Issues on Separation / Divorce Caitriona Gaffney Irish Life Introduction The trend for couples to co-habit rather than marry has become increasingly more common
More informationUsing trusts can help to make sure your financial plans take care of the future
Using trusts can help to make sure your financial plans take care of the future 2 Trusts and what they do If you ve already taken the time to make financial plans for the future, using trusts can help
More informationTHE TAX TREATMENT OF PENSION DEATH BENEFITS
THE TAX TREATMENT OF PENSION DEATH BENEFITS Recent changes to the rules for pensions have radically changed the approach of advisers with regard to pension savings. The following notes are designed to
More informationProvide for your loved ones. A guide to death benefits from your pension plan
Provide for your loved ones A guide to death benefits from your pension plan This guide covers the death benefits from the following plans: Self Invested Personal Pension Group Self Invested Personal Pension
More informationA brief guide to Trusts and our Trustbuilder tool
guide to guide to trusts trusts A brief guide to Trusts and our Trustbuilder tool A Brief guide to Trusts and our Trustbuilder tool Introduction This brief guide explains some of the main features and
More informationSweeter tax planning ideas
Sweeter tax planning ideas Helping to ensure you have made full use of the reliefs and allowances available www.bakertilly.co.uk Contents Sweeter tax planning ideas To ensure that you optimise your tax
More informationUnderstanding tax. A guide to putting your tax matters in order 2015-16
A guide to putting your tax matters in order 2015-16 Introduction If you re ill or caring for someone who is, you may need to put your financial matters in order. This booklet explains how to handle your
More informationInternational Portfolio Bond for Wrap Key Features
International Portfolio Bond for Wrap Key Features This is an important document. Please read it and keep it along with the enclosed personal illustration for future reference. The Financial Conduct Authority
More informationA short guide to Probate
A short guide to Probate 1 2 Private Client This booklet provides guidance to those who are to deal with the estate of someone who has died, and to those who stand to inherit. Private Client Private Client
More informationWealth Management Portfolio Management Inheritance Tax Trusts Trustee Investments Probate Administration Tax Accountancy Retirement Planning Wills
Wealth Management Portfolio Management Inheritance Tax Trusts Trustee Investments Probate Administration Tax Accountancy Retirement Planning Wills Powers of Attorney Welcome to Fogwill & Jones Asset Management,
More informationInheritance Tax Guide. www.solicitorsforolderpeoplescotland.co.uk
Inheritance Tax Guide www.solicitorsforolderpeoplescotland.co.uk For more information or to speak to one of our trained advisers please telephone our team on 0800 152 2037 Solicitors For Older People Scotland
More informationGuide to trusts and being a trustee
Contents P3 P4 P5 Fast facts Could you use a trust? What are the benefits? P10 What trusts do we offer? P10 The split trust P10 The gift trust P10 The probate trust P10 Trusts for joint life policies P11
More informationFor Adviser use only Not approved for use with clients. Estate Planning
For Adviser use only Not approved for use with clients Adviser Guide Estate Planning Contents Inheritance tax: Facts and figures 4 Summary of IHT rules 5 Choosing a trust 8 Prudence Inheritance Bond (Discounted
More informationA Guide to Wills following Divorce or Separation
following Divorce or Separation Understand why it may be necessary to review or create a new Will. Understand the importance of protecting your estate. Understand the other considerations necessary when
More informationPRIVATE CLIENT BRIEFING:
PRIVATE CLIENT BRIEFING: I M A US CITIZEN RESIDENT IN THE UK, WHAT DO I NEED TO KNOW? JANUARY 2013 Almost uniquely, the US taxes its citizens (and Green Card holders) on a worldwide basis regardless of
More informationDiscounted Gift Trust. Guide for financial advisers
Discounted Gift Trust Guide for financial advisers Introduction Usually, where an individual gifts an asset into a trust and subsequently they continue to retain access or obtain a benefit from it, it
More informationHow can a SSAS benefit you & your company?
THE SMALL SELF ADMINISTERED SCHEME WESTERBY TRUSTEE SERVICES LTD How can a SSAS benefit you & your company? THE SMALL SELF ADMINISTERED SCHEME GIVING YOU CONTROL OF YOUR PENSION With corporation tax relief
More informationMy client s a US citizen resident in the UK, what do I need to know?
My client s a US citizen resident in the UK, what do I need to know? So if my client s estate is worth less than the Credit Amount, my client has no reason to worry? Unfortunately, it isn t that simple.
More informationIntroducing a unique partnership that will grow your business
Introducing a unique partnership that will grow your business THE ASSET PROTECTION STRATEGY This is your opportunity to create income streams that add real value to your business whilst enhancing existing
More informationInternational Bond Key features
International Bond Key features This is an important document. Please read it and keep for future reference. Helping you decide This key features document contains important information about the main
More informationDAVIES SOLICITORS GIVING AWAY YOUR HOME DURING YOUR LIFETIME
DAVIES SOLICITORS GIVING AWAY YOUR HOME DURING YOUR LIFETIME Many people consider passing on their home to their children during their lifetime, often intending to continue to live there. Reasons for making
More informationWills, Lasting Power of Attorney etc etc
Wills, Lasting Power of Attorney etc etc Martyn Burgess Independent Financial Advisor In Association with John Emptage of Bright Solicitors Welcome Welcome to Leech & Burgess IFA LLP Independent Financial
More informationAsset Protection and Residential Care Subsidies
Asset Protection and Residential Care Subsidies Legal Guide J u l y 2 0 1 3 NEW PLYMOUTH 1 Dawson Street Private Bag 2013 Phone (06) 768-3700 Fax (06) 768-3701 INGLEWOOD 92 Rata Street PO Box 28 Phone
More informationPersonal Tax Inheritance Tax
Personal Tax Inheritance Tax With house price inflation, more and more people are now becoming exposed to inheritance tax. This tax is levied on a person s estate when they die, and also on certain gifts
More informationInheritance tax planning and the family home
Inheritance tax planning and the family home An overview and options for lifetime planning technical factsheet Introduction Leading tax and legal experts agree that a family home should only form part
More information2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable
FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning With careful tax planning, it may be possible to mitigate taxes or make them much more manageable A GUIDE TO 2014/15 YEAR END TAX PLANNING With
More informationThe end of tax year is near. creative. wealth management. spring 2015. quarterly newsletter
creative wealth management quarterly newsletter spring 2015 The end of tax year is near 6 th April Approaches Fast When the final whistle is blown there is no time for further kicks or headers on a football
More informationINCOME TAX RATES OF TAX 2014/2015 2015/2016
INCOME TAX RATES OF TAX Starting rate for savings* 10% 0% Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate limit 2,880* 5,000* Threshold of taxable income above which higher
More information2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE
FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE Atkinson White Partnership Regency House, 51 Coniscliffe
More informationA Financial Planning Technical Guide
Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance
More informationFor financial adviser use only. Not approved for use with customers. Guaranteed Whole Of Life Questions and Answers
For financial adviser use only. Not approved for use with customers. Guaranteed Whole Of Life Questions and nswers Guaranteed Whole Of Life (GWOL) Questions and nswers 1. What is the Inheritance Tax Threshold
More informationRELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE.
RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN 1 RELEVANT LIFE PLAN TECHNICAL GUIDE. 2 TECHNICAL GUIDE TO THE RELEVANT LIFE PLAN ABOUT THIS GUIDE This guide has been designed for financial
More informationUnderstanding trusts. Your easy to follow guide
Understanding trusts Your easy to follow guide Understanding trusts: Your easy to follow guide Important note The information in this guide is based on our understanding of current legislation and HM Revenue
More informationGuide to Wills and Legacies
Guide to Wills and Legacies Leaving a gift in your Will to International Cat Care Leaving a gift in your Will to International Cat Care Thank you for enquiring about leaving a gift in your Will to International
More informationTax Planning Via the Family Home
Take a typical example, Arthur and his wife Angela. Their circumstances are summarised in the box. They have a heavy IHT liability when they both die (or at least, their children do); what can they do?
More informationADVISER GUIDE TO RELEVANT LIFE POLICY AND TRUST FROM VITALITYLIFE
ADVISER GUIDE TO RELEVANT LIFE POLICY AND TRUST FROM VITALITYLIFE A Relevant Life Policy provides a lump sum benefit on the death of an employee. It is an alternative way for employers to provide individual
More informationlargeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904
largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What
More informationInsurance and estate planning. A Financial Planning Technical Guide
Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance
More informationAsset Protection and Residential Care Subsidies
Asset Protection and Residential Care Subsidies Legal Guide 2 0 1 5 NEW PLYMOUTH 1 Dawson Street Private Bag 2013 Phone (06) 768-3700 Fax (06) 768-3701 INGLEWOOD 92 Rata Street PO Box 28 Phone (06) 756-8118
More informationNovember 2014 edition
Making a Will November 2014 edition Firm details: Logo WHAT HAPPENS IF I DIE WITHOUT MAKING ANY WILL? If you die without making a Will, the law provides that your spouse or civil partner is entitled to
More informationMaking the right pension transfer decision
Making the right pension transfer decision Clearing away confusion between QROPS, SIPPs, and QNUPS Over 30 years experience providing independent pension advice to expatriates and people working abroad
More informationLife s better when you have a plan
Life s better when you have a plan FINANCIAL PLANNING. WEALTH ADVICE. INVESTMENT MANAGEMENT. Let s make plans together When making decisions about your financial future, we believe these should be made
More informationA Guide to Leaving an Amazing Gift Guide to Leaving an Amazing Gift January 2013
Reg. Charity No: 266071 A Guide to Leaving an Amazing Gift A Guide to Making a Will Introduction This booklet is a general publication giving information about the issues you should consider before making
More informationTax-effective giving. made simple
Tax-effective giving made simple July 2015 1 Sayer Vincent LLP Chartered accountants and statutory auditors Invicta House 108 114 Golden Lane London EC1Y 0TL Offices in London, Bristol and Birmingham 020
More informationIRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1)
IRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1) This Advisory discusses the general estate planning and asset protection benefits of an irrevocable life insurance
More informationTotal Financial Solutions. Practical Perspectives on Estate Planning
Total Financial Solutions Practical Perspectives on Estate Planning Contents Why estate planning? 2 A holistic approach 3 Where to start 4 Examine all aspects of your life to 4 ensure your estate plan
More informationharris law Succession Planning Explanatory Notes lawyers + consultants solutions
harris law solutions Succession Planning Explanatory Notes lawyers + consultants Level 7 320 Adelaide Street Brisbane QLD 4000 GPO Box 2918 Brisbane QLD 4001 Ph: (07) 3211 8144 A Succession Plan (or Estate
More informationWills, Inheritance Tax and Lasting Powers of Attorney a beginner's guide!
Wills, Inheritance Tax and Lasting Powers of Attorney a beginner's guide! Harpenden Business Breakfast Club 15th April 2014 Recognised by the top legal directories: Programme Wills (why bother?) Inheritance
More informationGuaranteed Whole of Life Protection. Customer Brochure
Guaranteed Whole of Life Protection Customer Brochure Contents 1. What does this policy do? 1 2. What benefits does the policy provide? 2 3. Automatic Additional benefits 3 4. Optional Benefits 4 5. What
More informationIS A TRUST RIGHT FOR YOU?
: IS A TRUST RIGHT FOR YOU? You take care of your family and work hard for the things you ve acquired. You take the necessary steps during life to ensure your family s security and well-being and to avoid
More informationLife Insurance Gifts: Planning Considerations
Life Insurance Gifts: Planning Considerations Gifts of life insurance are an additional option for charitable giving. While life insurance is not the answer to every financial planning and estate planning
More informationA GUIDE TO. Protection planning. Helping to protect your family s lifestyle if your income suddenly changes due to death or illness FINANCIAL GUIDE
FINANCIAL GUIDE Protection planning A GUIDE TO Helping to protect your family s lifestyle if your income suddenly changes due to death or illness Contents Welcome Welcome to our Guide to Protection Planning.
More informationPREPARING YOUR WILL WHY HAVE A WILL. The first reason for having a Will is to provide an orderly administration of your estate that ensures
PREPARING YOUR WILL WHY HAVE A WILL The first reason for having a Will is to provide an orderly administration of your estate that ensures that your assets are distributed amongst those that you wish to
More informationA Guide to Releasing Capital from your Home
Advice for older people A Guide to Releasing Capital from your Home Advice provided by Advice for older people FirstStop Advice brings together the expertise of some of the most trusted and respected organisations
More informationGains on foreign life insurance policies
Helpsheet 321 Tax year 6 April 2013 to 5 April 2014 Gains on foreign life insurance policies A Contacts Introduction Page 2 Part 1 Types of policy Page 3 What sort of policy do you have? Page 3 When will
More informationHERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2015
HERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2015 I. Overview of federal, Connecticut, and New York estate and gift taxes. A. Federal 1. 40% tax rate. 2. Unlimited estate and gift tax
More informationpersonal year-end tax planning
personal year-end tax planning 2013/2014 START year to 5 April 2014 welcome INCOME TAX Carry back planning personal Year-end tax planning 2013/2014 welcome this briefing covers actions you may wish to
More informationEVERYTHING YOU OWN & EVERYONE YOU CARE ABOUT. An Estate Planning Primer
EVERYTHING YOU OWN & EVERYONE YOU CARE ABOUT An Estate Planning Primer For The Clients Of 7350 Cirque Drive W, Suite 201 University Place, WA 98467 (253) 759 8354 www.ppatpa.com Presented By T. Gary Connett
More informationA valuable inheritance tax exemption - Gifts out of Income
A valuable inheritance tax exemption - Gifts out of Income The Finance Act 2006 made the use of trusts to reduce Inheritance Tax (IHT) liability less attractive, so it is now sensible to think of other
More informationTRANSFER OF HOME TO CHILDREN THE PROS AND CONS. By Lois G. Andrews, Esq. and James L. Young, Esq.
TRANSFER OF HOME TO CHILDREN THE PROS AND CONS By Lois G. Andrews, Esq. and James L. Young, Esq. IMPORTANT NOTE: The purpose of this outline is to familiarize the reader with some of the various laws and
More informationRobert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com
Law Offices of Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com ESTATE PLANNING Estate planning is more than simply signing
More informationZurich International Portfolio Bond
Zurich International Portfolio Bond Discretionary Discounted Gift Trust adviser guide For intermediary use only not for use with your clients. Contents Introduction 3 1. The main benefits of the Discretionary
More informationInheritance tax Lifetime gifts
Inheritance tax Lifetime gifts CAPITAL TAXES IHT2 Contents Introduction 1 Some general terms and ideas 3 Rates of charge 5 Gifts that are liable to inheritance tax 6 Gifts that are exempt from inheritance
More informationA GUIDE TO WEALTH PROTECTION FINANCIAL GUIDE PRESERVING YOUR WEALTH FOR THE NEXT GENERATION
A GUIDE TO WEALTH PROTECTION PRESERVING YOUR WEALTH FOR THE NEXT GENERATION FINANCIAL GUIDE A GUIDE TO WEALTJH PROTECTION WELCOME CONTENTS Preserving your wealth for the next generation Welcome to our
More informationChanges announced in last year s Budget have removed some of the
The Australian Journal of Financial Planning 71 Reverse mortgages and pension planning By Benedict Davies Technical Services Manager, Over Fifty Group Changes announced in last year s Budget have removed
More informationFor customers Wealth Management Portfolio A flexible, tax-efficient investment
For customers Wealth Management Portfolio A flexible, tax-efficient investment Introducing our Wealth Management Portfolio Our Wealth Management Portfolio is a tax-efficient offshore bond with lots of
More information