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Family and Succession

The most important thing in most people’s lives is their family. They care for their families while they are alive and want to protect and help them after they are gone.

This may mean your parents helping you and you helping your children. It’s natural for us to want our money to stay in the family rather than going to the tax man.

Many people still underestimate the importance of making a will, assuming they are not wealthy enough or that their spouse will inherit everything. The laws of intestacy decide how your estate is divided if no will is left, and Inheritance Tax (IHT) is charged at 40% on estates worth more than £325,000.

And your estate includes not only the value of your home but also the value of any insurance policies, investments and savings, etc. Even modestly comfortable people can be hit by IHT.

IHT also applies to all worldwide assets but other countries’ inheritance taxes might apply too. A Spanish or French holiday home may be of interest to more than one tax department.

However, IHT has been called a “voluntary” tax because, with suitable advice and taking the right steps, most if not all of an estate’s value can pass down the generations without assets having to be sold to pay a tax bill.

For those clients who are properly advised there are ways and means of reducing or eliminating IHT. You owe it to your family to become one of those clients, otherwise your estate will end up owing the HMRC instead.

Planning, though, is the key and the earlier it is addressed, the more cost-effective it is. No man (or estate!) should pay more tax than they have to and with Finesco’s help you can be guided towards a professional solution suited to you and your family’s needs.

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