Effective succession planning is about creating a tax efficient legacy that reflects your needs and desires. With the right planning and preparation, your priorities can be met, and you can protect your wealth for future generations.
Topics to be answered in this article
Succession and estate planning
Whilst succession planning includes the preparation of a Will, it can be so much more than this. If your circumstances allow, you may wish to consider making lifetime gifts to family members or friends. Not only can this reduce the overall value of your estate on death, subject to meeting the requirements of lifetime giving, this can also enable you to benefit your loved ones during your lifetime and watch them enjoy and make use of it. On a similar note, charitable giving can also provide both a benefit to you in terms of tax-efficient asset management and to the charity receiving the gift before you die.
Wealth Planning services we can offer:
Inheritance tax planning
It is becoming more important for us all to consider Tax when making future life decisions. Inheritance Tax (IHT) is payable on your assets when you die but there are a number of ways in which it can be reduced or avoided entirely.
Inheritance Tax planning is always best done as far in advance as possible. This allows the maximum benefit to be made from things such as gifting to loved ones or making charitable donations. Ensuring that you have a Will in place, that correctly details your wishes, is also vital.
At Goughs, we can advise you on how to take advantage of the various reliefs and exemptions available to you, including ensuring that any allowances which can be transferred between spouses are available.
Drafting a Will and/or Lasting Power of Attorney
None of us know what the future holds and so, whatever your age, you should plan for what will happen to your assets after your death or if you lose mental capacity.
Our specialist lawyers practice in Wills, Powers of Attorney and Court of Protection matters. We will advise you on the best way to protect your wealth for the future, provide for your loved ones and minimise tax.
Lifetime and charitable gifting
There are several categories of gift that are exempt from tax, as long as the gift remains within the given allowance. It is important for you to utilise these allowances during your lifetime as they will not only reduce the value of your estate, but potentially reduce your overall liability to any inheritance tax upon death.
Creating and managing Trusts
Trusts can offer you flexible, tax efficient structures to pass on or protect the family wealth to benefit your family and dependants in the most beneficial way.
However, setting up a Trust can be a complicated process. There are numerous types, each with varying rules and benefits. Understanding which one is right for you can be a difficult and daunting prospect, so discussing your options with an experienced legal expert is strongly advisable.
We are specialists in advising on the creation and administration of Trusts, and in particular, in relation to the preservation of wealth. Trusts have long been used as vehicles to offer protection to family wealth.
It is important to note that Tax and Trust law can be very complicated and differ between Trust types so it’s vital to obtain advice from a specialist who will explain all of the options available to legally reduce your tax liability.
At Goughs, we have a wealth of experience in supporting Trusts and estates, assisting with all aspects of administration, structure, preparation of accounts and tax returns.
Family business succession planning
Planning to retire from your business, whilst at the same time protecting the reputation and success you have worked hard to build, requires considerable preparation. You will need to contemplate who you would want to hand over control of your business to and how you would want to do it.
The key to a relaxing retirement is to plan for the succession of your business early. This gives you plenty of time to adjust the business structure if need be, to recruit others or grow and upskill current staff to eventually take control of your business and to plan for your own exit and retirement.
Why choose Goughs?
Passing your assets to the next generation is a process that requires considerable preparation, particularly high net worth individuals who ultimately have more to give. Successful high net worth estate planning involves multiple elements, from tax planning to the use of Trusts and Wills. Each element will need to be very carefully structured and integrated.
By establishing long-term relationships with you and your family, we are able to provide in-depth, clear and bespoke wealth planning services. Our expert team of solicitors provide advice on all aspects of wealth planning for high net worth individuals. We find practical solutions to meet our clients’ objectives in relation to tax efficiency, asset protection and succession planning.
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