Pass more on to your loved ones

While it might seem morbid to talk about, when you die, your estate might be subject to inheritance tax, meaning your loved ones could receive less than you want them to. Plus, in some cases, it can leave grieving families worried about finances exactly when they shouldn’t have to be.

But with careful estate planning, you can reduce the value of your estate to ensure you pass on more of your wealth to your beneficiaries while minimising your inheritance tax liability. After you’re gone, we’ll process any tax that does have to be paid, before distributing what’s left to the people or causes closest to your heart.

We can advise on making gifts before you die.  As long as you don’t benefit from the gift or give it away at least in the last seven years before your death, then no tax will be due. 

You can also donate to charity to reduce your inheritance tax burden. Your donation will either be taken off the value of your estate before tax is calculated or reduce your inheritance rate entirely, if 10% or more of your estate is left to charity. If you crunch the numbers properly, you might find a way to protect your estate.

The standard inheritance tax rate is charged at 40% on the value of estates worth more than £325,000, meaning anything below that amount won’t be taxed. If you have a family home you want to pass on to direct descendants, like your children or grandchildren, you may be able to benefit from the residence nil-rate band. Currently standing at £175,000, it essentially means you can pass on £500,000 tax-free, which you can combine with your partner’s if they pass away before you.

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Our range of financial services are delivered with the same care and attention, no matter where you come from, or what you do. It’s about relationships – not numbers on a page.

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