UK trusts lawyers and estate planning solicitors
Making the most of your choices
Most people work hard throughout their lives to build up their personal and family wealth, yet all too often neglect measures to preserve that wealth. Income, capital gains and inheritance taxes can substantially erode the value of your estate. A failure to plan ahead may lead to your assets not being transferred to future generations as you would wish and their value being unnecessarily reduced due to the failure to plan properly for Inheritance Tax.
With so much at stake, it is important to secure the services of an expert. At Pannone, a dedicated private client team offers access to professional trusts and estate planning assistance throughout your life.
Whether developing a strategy to minimise your tax liabilities, or creating a framework to ensure the smooth and effective transfer of your assets after death, our goal is the same. We aim to put your arrangements on the soundest of footings and so help you exercise the maximum freedom of choice.
Our advice and solutions are tailored specifically to your needs, based on an intimate understanding of your individual circumstances and objectives. With the emphasis on a personal and enduring relationship, our specialist solicitors and lawyers can meet with you on a regularly to review your changing circumstances, at a time and location that suits you best.
We are conscious of the often sensitive nature of our work and adopt a sympathetic approach, whilst ensuring that our advice makes maximum use of all available planning opportunities. We are equipped to advise on the most complex of situations, either working in partnership with your advisers or integrating other Pannone specialists to provide a one-stop solution.
Working with you throughout your life
Planning ahead is the key to protecting your interests. With expertise across the full spectrum of trusts and estate planning, we can help whatever your situation and stage of life.
In all circumstances, our aim is to minimise your tax liability whilst structuring a framework that offers the maximum flexibility to adapt to your future circumstances. Whilst our solutions are tailored individually to your circumstances, we outline below some of the key areas where we can add value.
Lifetime Planning
Wills
If you die without having made a Will, you are said to die Intestate. The rules of intestacy will then determine how your estate is divided on your death.
Here are just a few of the common misunderstandings about dying without a Will:
- If I do not make a Will, does that mean that my spouse will get everything?
Not necessarily, assets over £250,000 may have to be shared with your children (or, if you have no children, with your parents/siblings). - I have lived with my partner for over two years, will they benefit on my death?
No. The intestacy rules do not make provision for co-habitees. - I have raised my step-children as my own since they were very young, will they benefit when I die?
Not if you don't have a Will. The intestacy rules make no provision for step-children. - I have young children but if their father and I die, will my parents be able to bring them up?
If you do not appoint a guardian in your Will, no-one will be legally entitled to care for your children and a court application will have to be made.
Why not put your affairs in order? Whether your affairs are simple or complex we can help - we can advise on making provision for second families; succession planning for your business; dealing with your overseas property; mitigating Inheritance Tax and much more. An appointment with a member of our Wills; Trusts and Estate Planning team will enable you to discuss your requirements and to have a Will drafted which truly reflects your wishes. Read more on Wills.
Inheritance Tax
Inheritance Tax is charged at 40% on the value of an estate on death, over and above the Nil Rate Band (currently £350,000). The changes to the Inheritance Tax regime announced by the Chancellor in October 2007 are to be welcomed. Married couples and civil partners can now transfer any unused Nil Rate Band on the first death to apply it to the estate of the second to die, thereby reducing the Inheritance Tax paid by the ultimate beneficiaries. Because the Nil Rate Band tends to rise in value each tax year it may now be prudent for married couples not to use any of their Nil Rate Band by making gifts to children or other non-exempt beneficiaries on the first death. In this way, their ultimate beneficiaries will enjoy the enhanced value of the unused Nil Rate Band on the second death.
Life-time gifts remain a sensible strategy to mitigate Inheritance Tax. If the donor of a life-time gift (the person who makes the gift) survives for seven years from the date of the gift, the value of the gifted assets will not be chargeable to Inheritance Tax on the donor's subsequent death. In addition, gifts which fall within the life-time exemptions will never be chargeable to Inheritance Tax, no matter how long the donor survives the gift. The main life-time exemptions are as follows:
- Annual exemption
Each individual can give away £3000 per tax year - Small gift exemption
Any number of gifts of £250 or less can be given to any number of individuals in any tax year - Spouse exemption
Transfers between spouses and civil partners are entirely exempt from Inheritance Tax - Regular payments out of income
Gifts from surplus income
Trusts
We have considerable experience in the establishment of Trusts and can advise Trustees on effective Trust Administration. We act as Professional Trustees in many cases; dealing with the administration of the Trust; producing annual Trust Accounts and dealing with Trust Tax Returns.
Charities
We can help with the formation and registration of charities either by Charitable Trusts or a Company limited by guarantee. We can also help with the administration and taxation of charities.
Tax planning
In addition to inheritance tax planning we can help maximise general tax planning opportunities, including the potential of situations of non-residence or non-domicility, in cases where you move abroad after retirement. We can advise on how to preserve agricultural property and business property relief.
Pensions
We can help to protect lump sum death benefits payable on death from an inheritance tax charge. By nominating the payment of the lump sum death benefits to be paid into a discretionary trust the benefits will not form part of the estate and no inheritance tax will be payable.
Nursing home costs
We can help create a framework that preserves your property and other financial assets in the event of you having to go into a nursing home.
Lasting powers of attorney
We can advise on the drafting of Lasting Powers of Attorney, ensuring someone is appointed to deal with your financial affairs should you become incapable at a later date. In addition we can assist in preparing a Lasting Power if Attorney to appoint someone to manage your personal welfare should you lose the capacity to do so yourself. (more on Lasting Powers of Attorney)
Post-Death Events
Probate and estate management
Our advice and expertise enables executors to administer a person's estate in the most efficient way.
Post-death variations
It may be possible in certain circumstances to make post-death variations to an estate to minimise tax liabilities and we will always examine this possibility when administering an estate.
Will or trust disputes
We can advise in situations where a will or trust is being contested, for whatever reason, drawing on the expertise of our in-house solicitors where appropriate, should the matter progress to litigation.
Financial services
With access to an independent financial adviser, we offer a comprehensive financial planning service that complements our tax planning solutions. We can provide genuinely independent advice and guidance on a wide range of financial affairs, including investments, pensions, insurance protection and mortgages.
To arrange a discussion with a wills, trusts and estate planning solicitor click here or call us on 0800 840 4929. We are available to take your call twenty four hours a day, seven days a week
