Estate Planning and Preservation
When you have worked hard and accumulated assets and wealth, it can be a devastating prospect to think that 40% of your assets will be taken in tax upon your death. The diagram below illustrates this only too well.
In this example, we have a divorced client who dies with a gross taxable estate of £1,000,000. He has been prudent to make a Will and leave an equal share to each of his children John, Caroline and James. However it shows the biggest slice of his estate will go to the taxman!
Inheritance Tax has many aspects, and ensuring you preserve as much as you can for the next generation is an emotional dilemma and often complex process, which generally takes some years to devise and implement.
Coupled with this conundrum, is the complication that for some, the beneficiaries do not have the means to meet the potential tax liability. But, there are some simple short term steps which can be taken, to ensure your hard won wealth can pass down the generations, with all dues paid.
Speak to one of our experienced and qualified advisers on how to develop a long term strategy for progressively passing on and preserving your family wealth.