A carefully drafted will is an important part of your estate planning. Remi can advise you on the best way to tailor your will so that it achieves your objectives in terms of the distribution of your estate. She can also advise you on how to set things up using discretionary trusts and life interest trusts to mitigate or completely avoid inheritance tax on your estate.
There are many reasons to set up family trusts as part of your estate planning. You can use family trusts to control how you pass on your wealth to your family. The type of trust that you use will depend on what you are trying to achieve. This is Remi’s specialist area and she will advise you on the best trust to use whether you want to set it up in your lifetime or in your will.
Probate and Estate Administration
Giving probate assistance either to the family of the deceased or the executors is one of Remi’s most important private client services. This is a time that is normally fraught with anxiety. At the same time, there are a lot of legal formalities to go through. Remi can take the entire burden away from the family by acting for the estate in dealing with the administration of the whole estate.
Lasting Powers of Attorney
Every adult person that owns assets should have a Lasting Power of Attorney (LPA) which allows you to nominate someone to manage your affairs if you lose mental capacity. You can have it for the purpose of managing your financial affairs or for making decisions on your behalf in respect of your health and welfare. Remi can advise you on the best possible safeguards when you creating your LPAs.
Family Wealth Succession Plan
Remi will create your own bespoke Wealth Succession Plan that gives you maximum security. It includes more sophisticated wills and trusts, together with an audit of the assets in your estate, your potential inheritance tax liability and how you can reduce it. The Wealth Succession Plan is a holistic plan that protects your assets whilst ensuring your wealth goes to your loved ones.
Inheritance Tax Planning
In the UK, inheritance tax is charged in the UK at the rate of 40% on the part of your estate that is over the inheritance tax threshold, currently £325,000. Although the threshold is increased from time to time, due to the rise in property prices over the years, more people are caught in the inheritance tax net than ever before. Recent changes, however, means that many people will be able to escape the tax net. But you need expert advice to navigate the choppy waters of inheritance tax planning. Remi has been helping families save inheritance tax for almost 20 years, saving them millions of pounds during that time. Remi can help you put together an inheritance tax plan to save you inheritance tax so that your loved ones end up with more money in the end.
Get our inheritance tax report to find out exactly what you need to do and protect your assets for your loved ones.
Business Succession Planning
If you are a business owner, whether on your own or in partnership with others, you can ensure that you properly protect the future of the business by planning the succession to the business in the most tax-efficient way. Your aim might be that your children inherit the business or that your current partners in the business should buy your share on your death. However, you will need proper advice to ensure that the business and its assets are passed on without losing any inheritance tax reliefs that you are entitled to.
Inheritance Disputes Mediation
Remi is an accredited mediator and she offers a general mediation service for settling both probate and trusts disputes. Mediation is a fast-growing method of settling a dispute without going to court by helping the parties to reach a resolution that they can live with. It is a particularly suitable way of resolving probate and trust disputes which often involves emotional issues.
If you have assets in the UK and you are either non-resident or non-domiciled then you are an international client. It is important to seek specialist advice to ensure that you receive advice that is appropriate to your situation. The capital taxes that could affect your UK assets are Inheritance Tax, Capital Gains Tax and Stamp Duty Land Tax. All of those taxes are affected by whether or not you are resident, habitually resident, tax resident or domiciled. You must get the advice of a specialist to understand what your potential liability is for any of those taxes. Remi has the experience to advise and guide you through this potential minefield.
If you have a private client issue not listed here, please use the contact form below to get in touch.