Services for Individuals
Inheritance Tax
As Benjamin Franklin once said, “In this world nothing is certain but death and taxes”.
Our tax system seems to grow in complexity and consequently a failure to make correct provision before you die may well mean your loved ones will not receive as much as they otherwise would.
Obtaining the right advice, and at the right time, is therefore vital if you want to ensure your wealth generates the maximum benefit for your family. It is estimated that more than half of all people who die don't have a will, let alone comprehensive tax saving strategies in place.
All of our clients have different needs and priorities. For those whose affairs are straightforward, and often people's affairs are not as straightforward as they think, a properly drafted will can be the answer. For more complex affairs the appropriate use of lifetime trusts can be an effective solution in mitigating against a tax liability and giving clients control over who benefits and when.
Despite the changes to IHT announced by the Chancellor of the Exchequer in the 2007 Pre-Budget Report, (see our briefing note in the downloads box) trusts still have an important part to play in many people's estate planning, particularly if you have business or agricultural assets.
Trusts are also important if you want assets to pass directly to children or grandchildren, especially if they are from a previous marriage. For people who have been widowed and have subsequently remarried the use of a Will Trust (sometimes called an NRB Will Trust) can provide a significant savings in IHT, as a recent article by the Daily Telegraph (click here) makes clear.
If assets are being passed to children you will also need a trust to ensure the assets are being managed in the children’s best interest until they come of age. And if the surviving spouse is frail or mentally incapacitated, a trust is important to ensure a large estate is effectively managed on their behalf.
The service we offer is a personal one tailored to suit the needs of each individual. We take time to get to know our clients and make sure we fully understand what is needed.
For many clients who run their own businesses, exit planning is all important and because Taylor Walton has in-depth teams of specialists advising both corporate and individuals, our clients have full access to the right lawyers to identify the optimum strategy to preserve assets and minimise tax.
