To think about what happens after their death is an unpleasant subject to start with, but seeking expert advice could give you peace of mind that you are protecting your assets for your loved ones. That way you can be sure that they will be financially secure when you are no longer around to look after them. On death, inheritance tax (IHT) is levied at a hefty 40 per cent on your estate above an allowance known as the nil rate band, so forward planning is essential.
AMA Accountants experts will work with you to identify ways to minimise your tax liabilities. We’ll review your estate, including personal and business assets, and prepare a tax-efficient will – a cornerstone of estate planning.
Our specialists will look at tax-minimisation opportunities, including trusts, and advise you on ways to make best use of the gifts and exemptions allowed under the IHT regime, including lifetime gifts, annual gifts, gifts to charities and agricultural and business property relief.
We will ensure that we look at your estate planning from all angles so that, for example, a gift that saves inheritance tax does not unnecessarily create a capital gains tax liability. Our advisers can also manage your estate planning to give you financial security during your lifetime and can make arrangements that take into consideration the possible need for long-term care in the future.
We can also advise on life insurance policies written in trust, which remove the proceeds of the policy from your future inheritance tax liability, providing your family with a tax-free lump sum towards any IHT on your estate.
In a nutshell, some of the things we could to do for you include:
- Inform you of all the tax policies;
- Help you with the necessary paperwork;
- Give you all the necessary advice;
- Guide you through all the required procedures;
- Act as your representative to the relevant tax authorities; and
- We are committed to ensuring that you get the best services.