Estate Planning
Leaving As Much As Possible To Your Loved Ones
When you die, most people wish to leave as much as possible to their loved ones. This is not always as simple as you might hope. His Majesty’s Revenue and Customs (HMRC) will apply 40% tax to the value of your estate over and above the current threshold. This currently stands at £325,000 per individual and £650,000 for a married couple. No Inheritance tax is applicable if the estate is being passed to a spouse, as the law sees your property as one estate together, unless there is a will stating otherwise.
Even if a spouse inherits the estate, this only delays the time when tax will be payable as he or she will also pass away one day. It is worth arranging forward financial planning with a specialist tax adviser to decide whether it would be appropriate to gift part of your estate, perhaps to children or other relatives, during your lifetime, or consider the use of trusts to help with your inheritance planning.
I have been a customer of McCrea for 8 years and cannot recommend the company highly enough. My main point of contact is Claire Dolan who is always so understanding and helpful especially when a bereavement made dealing with my financial affairs challenging. A pleasure to deal with and nothing is too much trouble.
SR - Glasgow
How We Can Help
At McCrea Financial Services we have a wealth of knowledge of the taxation system and would be more than happy to assist you in ensuring you leave as much as possible to the people you wish to receive your estate.
Firstly, we fully review your financial affairs to identify what the current liability is. It is also of great importance that we discuss your capital and income needs moving forward as this can have a significant bearing on our advice. Whilst it is important for most clients to minimise their potential inheritance tax liability, this must not get in the way of their ongoing way of life.
We can help with advice around gifting and using your allowances each year. You can gift up to £3,000 each year and this is immediately exempt from Inheritance Tax. It can also be possible to make regular gifts out of your income which is immediately exempt but great care must be taken around these to ensure that you comply with the rules. We work together with a carefully selected panel of trusted professional connections, such as solicitors, who can help ensure your legal affairs (wills and trusts) are set in place correctly to meet your Estate’s requirements.
If you'd like to make an initial free no-obligation appointment to establish or review your plans, you can contact us by email or by calling the office on 0141 572 1340.
The Financial Conduct Authority does not regulate on Estate Planning and Tax Planning.