More Tax and Estate Planning Top Tips

Make a Lasting Power of Attorney to simplify your financial affairs if you become incapable of managing your affairs.
Consider gifting assets to your children. If you survive for 7 years the gift does not form part of your estate.
If you want to gift assets but do not want to lose control, consider gifting assets via a trust.
If your spouse or civil partner has died without making a tax efficient will, it is not too late as you can re-write their will by a Deed of Variation.
If you own your own business, make sure you have an up to date Will dealing with your business assets.
Consider making a Discretionary Will or create a Shareholder Discretionary Fund.
Self-employed people should consider “key man” insurance to protect the business and create a cash fund for your spouse/partner or children.
If you are considering selling assets, taking advice before you sell as the tax liability could be reduced.
If you contribute towards somebody else’s property or are helped by a parent relative or child, consider drawing up a Declaration of Trust to qualify the parties share in the assets.
Make sure you take appropriate accountancy or financial advice. If you do not have an accountant or financial advisor, we can recommend a suitable adviser.
Consider a “Wealth Management” meeting with your solicitor, accountant and financial adviser to review your personal affairs.

For more information on tax and estate planning please contact Charles McKenzie, John Rouse or Claire McGinnity.