Tax and Estate Planning

We can advise you on the best way to plan ahead and to arrange your tax affairs during your lifetime, for example:

  • Lifetime gifts – small gifts exemption, special gifts exemptions
  • Creation of trusts during your lifetime
  • Other tax exemptions – gifts out of income

All of the above can minimise the eventual inheritance tax payable.

Deeds of Variation/Family Arrangement

They are documents made by a person or persons entitled to a benefit under a Will or under an Intestacy.  The original beneficiary can alter the distribution of the estate by varying the gift they have received from the deceased’s Will or under an Intestacy. If the document is signed before the second anniversary of the deceased’s death, for the purposes of Inheritance Tax and Capital Gains Tax, it is the deceased who is deemed to have made the gift and not the original beneficiary.  The inherited assets may also be transferred into a Trust using a Deed of Variation to  benefit from tax advantages.

A Deed of Variation can ensure that the estate passes in the most Inheritance Tax efficient manner to future generations and therefore prevent the assets being added to the original beneficiaries’ own estate. One of the major advantages of varying  an inheritance into Trust is that the original beneficiary may continue to benefit from the asset.

Further information

Contact Jonathan JacobsKarin Cox-Putker or Jessica Williams for further information, or to arrange a meeting.  In all cases we will give you an indication of the level of costs likely to be involved and details of relevant charging rates.