Estate Planning / Inheritance Tax Planning

Advisers Worldwide Limited specialises in servicing the financial needs of expatriates, and we would like to offer our expertise to your organisation.
While stationed overseas corporate employees should only receive advice from qualified financial planners. All of our advisers are fully qualified and experienced in servicing the financial needs of expatriates, and offer additional security with comprehensive Professional Indemnity Insurance cover.

Depending on which country you are from it may be known as Death Duties, Death tax, capital transfer tax, estate tax.

The UK definition was famously stated by Lord Jenkins in 1984, "broadly speaking; a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue".

Some believe the whole issue of estate planning is very complicated, confusing and intrusive. The truth is that, nearly everyone has a different situation, some are complicated and some are relatively simple.

From experience, it really depends on how important estate tax mitigation is to the individual(s) concerned. Hence any plans to mitigate are generally tailored to the instructions to the individual(s) involved.

There are many ways to plan against estate taxes, at Advisers Worldwide, we recognise this and offer our Clients an individually tailored approach that aims to provide them with solutions and ideas that take advantage of the knowledge and experience of our Tax and Trust specialists.

Essential Steps to Mitigation

  • Step One – Ensure you have made wills or that your wills are up to date.
  • Step Two – Calculate the size & composition (i.e. property, deposits, investments, valuable belongings etc.) of your estate
  • Step Three – Utilize your annual allowances and exemptions to reduce any liability. Also ensure that any lifetime gifts/transfers (PETs) made have been covered against any potential IHT liability (– 7year rule).
  • Step Four – Equalize your estates to ensure that each spouse's Nil Rate Band is utilized on first death.
  • Step Five – Make provision to cover any outstanding IHT liability.
  • Step Six – Review any plans at least annually to ensure that any arrangements for mitigation are still relevant and current according to your circumstances and/or changes in legislation and tax laws.

 

Everything above the Nil Rate Band Threshold is taxed at 40%.

If you have any questions about how Advisers Worldwide can help you with your estate planning then please email marketing@advisersworldwide.com

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