Estate planning is not just for those concerned about inheritance tax (the tax your beneficiaries may have to pay if your estate – that is, everything you own – is above a certain size); it is about assessing your current situation and considering what, if any, action could be taken now.
By reviewing your estate, it is possible to determine:
- What your assets actually comprise and whether they could be more effectively and efficiently organised (both for practical administration and possible growth and/or tax savings)
- What your income and expenditure actually are and what, if any, surplus (or shortfall of) income you actually have, enabling appropriate action to be taken. It may be that you would qualify for certain state benefits to top-up your income and provide you with support or you may have more than sufficient assets, meaning our surplus income is not required. Surplus income can actually be an issue because it increases the value of your estate, potentially making your estate subject to inheritance tax
- What your likely future needs and wishes are regarding living expenses, care, tax planning and assisting others (e.g. gifts to family members or charity).
How can Coupe Bradbury help assess your estate?
Coupe Bradbury can assist you in objectively assessing your estate and providing practical planning advice. For example, after reviewing your estate, it may be advisable or desirable to make gifts to assist your children/grandchildren during your life, rather than just in your Will. If your estate is subject to Inheritance Tax, a gift before death can be worth £1. If the gift is left in your Will and subject to Inheritance Tax it may only be worth 60 pence after death.
Please get in touch with James Patterson on 01253 922777 or email: email@example.com if you’d like advice regarding estate planning.
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