Estate Planning

There are a number of areas that need to be addressed in estate planning:

  • Succession planning - ensuring that your assets pass to your chosen heirs, at the right time, in the right way and with the minimum of taxation.
  • Tax planning - mitigating your exposure to income and capital taxes.
  • Asset protection – implementing strategies designed to protect your assets from external and family risks.
  • Incapacity planning – ensuring that suitable arrangements are in place should there come a day when you are unable to make decisions for yourself.

Inheritance Tax

Inheritance Tax is amongst the most unpopular of taxes. It taxes the passing of wealth - typically from one person to another - on death, and during lifetime too. While very few people are liable to pay Inheritance Tax, with rates at 40%, those that do often pay quite or very substantial amounts.

Brodies are experts in the field of Inheritance Tax mitigation. We can assess your overall exposure to the tax, taking into account your particular assets and interests and also your succession objectives.
We can also advise you on the ways that you may mitigate any exposure, including:

  • Lifetime giving to reduce the value of an estate.
  • Ensuring and maximising the use of exemptions and reliefs.
  • Making suitable provisions for pension death benefits and life insurance proceeds
  • The tax benefits of certain financial products such as Discounted Gift Trusts and Loan Trusts

However, we do not restrict ourselves to particular Inheritance Tax planning techniques, but will advise on a multitude of approaches from the mainstream through to the more adventurous.

To find out more, please contact Alan Barr or Mark Stewart.