For tax purposes, it is important to know both the type and value of the assets you wish to include within your Estate Planning, along with who the current owner is. We need to consider things such as inheritance tax thresholds, along with how any income generated by savings etc. would be treated for tax purposes. In addition, we need to consider how ‘transferable’ a particular asset is. For example, in the case of property, there may be a need for legal conveyance. Identifying any liabilities, such as a mortgage, that will need to be deducted from your estate will enable us to calculate the ‘Net’ value of the Estate which is important for inheritance tax purposes.
Things to consider when you are planning your estate:
– Make a will
– Look into exemptions
– Consider gifts
– Think about life assurance
– Consider trusts
Outside the financial aspects that I can help you with, I work with dedicated team of Will writers that are always ready and willing to provide compassionate and personal service, tailored to your needs, and are available at your convenience seven days a week to meet with you in person.