Azets Estate and Inheritance Tax Planning

Alot of our work at Azets concerns all kind of taxes, but when carrying out estate planning, both those undesirable certainties come into focus.

Many advisers say that Inheritance Tax is the only voluntary tax, and this is because good planning can effectively mitigate the liabilities.

Regional Tax Partner at Azets, Paul Attridge, sets out the things you need to consider in planning within your estate:

• Having a will: Most people believe that their estate will automatically be distributed to their spouse and/or children if they die without a will (called intestacy) but this is not the case. Everyone should have a will so that their wishes on death are carried out.

• Making efficient gifts in the will: Certain gifts featured in a will are exempt from tax or attract tax relief. These should be considered when drafting a will.

• Lifetime gifts: If one’s estate is reduced by making gifts in lifetime, then clearly the Inheritance Tax liability can be reduced. These gifts need to be considered carefully within the family to ensure they are successful and appropriate.

• Using trusts: By putting assets into trust, younger generations can have the benefit of assets in the lifetime of the transferor. This can be tax efficient and help families with the costs of living.

• Putting money into tax efficient investments: There are many tax efficient investments that are exempt from Inheritance Tax and others that push some of the liability into the future. These should be considered if gifting to individuals or trusts is not suitable.

We are here to help

At Azets we offer advice on estate planning both from a tax planning angle and from an investment perspective, through Azets Financial Planning.

The Azets team are here to help families plan their estate, so that when people pass away, they know that their wishes are met and that the decisions they have made with regards to their assets give the most help to the wider family, especially with respect to their tax liabilities.

Azets will:

• Look at the current Inheritance Tax situation and quantify the tax due.

• Make recommendations for making gifts.

• Suggest investments to make.

• Consider, and advise on the use of trusts.

• Help with the implementation of any advice given.

For more information on your Inheritance Tax exposure, speak to a member of our local team today. Please see Azets’ Inheritance Tax calculation offer to Chamber members on the opposite page.