Inheritance Tax is the tax on the transfer
of assets from one individual to another during lifetime
or upon death. This applies to the world wide assets of
those individuals who are UK domiciled or deemed UK domiciled.
Many wealthy people have taken no action to either protect
their hard earned assets from this tax by gifting them during
their lifetime or providing funds specifically to pay a
potential tax bill.
We will review your estate planning needs
so you are confident that your Will and Inheritance arrangements
are in order. This will be carried out after a full analysis
of your financial situation and assets and a discussion
on the reality of gifting any of these assets. In gifting
money through the use of Investments Bonds our clients can
decide if they wish to gift money to which they have no
access, gift money which they still have access to but any
growth remains outside of their estate, or gift money where
the client still retains access to a level of income from
the fund. For many clients gifting is an unrealistic prospect
and we can therefore look to put protection in place which
would provide a lump sum on their death for their loved
ones to pay the tax bill with.
Our specialist consultants can advise and
assist you on:
Wills
Discretionary Will Trusts
Absolute Trusts
Loan Trusts
Discounted Gift Trusts
Whole of Life Assurance and trust arrangements
HM Revenue
and Customs practice and the law relating to taxation are
complex and subject to individual circumstances and changes
which cannot be foreseen.
Openwork Limited offers insurance and investment
advice on products from a limited number of product providers
and advice on mortgages representative of the whole market.
