Estate Planning Solutions

Estate Planning

When you have spent a whole lifetime building up your personal wealth, you want to be confident that upon your death your estate will pass to your chosen beneficiaries. Utilising the right estate planning solutions can ensure this, preventing it from falling into the hands of the Taxman.

All too often, we meet clients who are shocked at how much of their inheritance is taken before they even receive it! At present rates, the Taxman can claim up to 40% of your estate—almost half its total value.

Inheritance Tax (IHT) was once considered a ‘voluntary tax’ for the very wealthy. However, with recent dramatic increases in property values and no corresponding rise in the current inheritance tax threshold, many more estates have come within the Taxman’s reach.

This makes estate planning all the more necessary and all the more urgent.

There are several effective tax planning strategies to reduce the potential inheritance tax liability on your estate, but they all require careful and timely planning, often over a long period.

Lifetime gifts to family members and other beneficiaries, the judicious use of trusts, and careful consideration of agricultural and business property transfers can all help to reduce IHT liability. Additionally, making use of available tax allowances and prior rights can further minimise the amount payable.

It is also possible to mitigate inheritance tax liabilities by arranging adequate life assurance cover, providing financial security for your loved ones and ensuring your wishes are respected.

Our experienced estate planning solicitors in Glasgow, Scotland, can provide expert advice tailored to your unique circumstances. We will guide you through this complex and emotional process, helping you to plan effectively for the future and protect your assets for future generations.

We offer comprehensive estate planning solutions, including succession planning and business exit strategies. We can also assist with drafting and updating your will, and where appropriate, act as trustees or executors to ensure your affairs are managed in a stress-free manner.

Contact our team of inheritance tax planning solicitors today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. Don’t leave it too late, planning ahead is one of the most important things you can do for your family and loved ones.