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Another branch of the Private Client team.

Further to our exploration last quarter of the trust services offered by the Private Client team, in this issue we highlight our expertise in Inheritance Tax (IHT) and general estate planning/executorship.

Planning for the future

We aim to help our clients manage their tax position efficiently by reviewing their current assets/liabilities along with any existing Will and either confirming it is efficient, or offering suggestions on how to plan for their family’s future and understand the complexities of IHT. This includes the IHT implications for trusts created on death as well as existing trusts.

Executorship

Mary Hase is a Director in the Private Client team and has a wealth of experience assisting with the drafting of wills, IHT planning, advising trustees and executors as well as acting as a professional executor for some of our clients. While compliance services and technical matters form part of her role, Mary is well versed in the complexity of these affairs and the potential strain caused by a death within the family. Working closely in support of Mary is manager Richard Pott.

An update

IHT was referred to the Office for Tax Simplification in January 2018 because, according to the Chancellor, Phillip Hammond, it “…is particularly complex…”. This is well worth keeping an eye on because IHT is something that creeps up on people but can be effectively planned for if looked at in good time.

Take a look at a recent interview with Mary Hase in our firm wide magazine, Beyond the Numbers, where she talks all about her role and the minefield that is IHT.

If you require any guidance or advice in this area, please approach your usual Buzzacott contact or email enquiries@buzzacott.co.uk. 

This article was taken from the Spring 2018 issue of the Private Client team's Quarterly Tax Digest. You can access all the other articles here.

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You might also be interested in… Wills and estate planning.

When you die without a will (known as dying intestate) your loved ones may run into inheritance tax wrangles, family politics and various issues they probably won’t be in a mindset to manage. And leaving an out-of-date will could mean your assets won’t go where you want them to.

Prepare for the best – and the worst

If you’re thinking about retirement and safeguarding wealth for your family’s future, work with us to write a will that’s flexible enough to deal with changes in circumstance. Then you can feel confident your wishes will be met.