Effective succession planning advice can help protect you and your family from this unwanted tax burden but with expert advice it may be possible to mitigate its impact.
Planning your succession and inheritance
In terms of your personal estate, it is important that your assets are passed on to the people you wish to benefit. We can advise on drawing up your will or reviewing your existing will to ensure that they are put together in the most tax efficient manner.
As part of the process, we can review your Inheritance Tax position to ensure that you are making the maximum use of the available exemptions, reliefs and tax efficient opportunities, including the use of family investment companies and trusts.
An overall review of your assets would also include any business interests you may have and whether you have considered the transfer of your business either during your lifetime or upon your demise. We can guide you through the succession process so that your affairs are structured in the most tax efficient manner.
At WR Partners, we specialize in providing expert succession planning advice. Planning for your family and dependents’ future is vital. Our approach includes thorough tax planning, considering both personal wealth and the impact on your business if you become incapacitated or pass away.
Trust and estate accounts
Personal representatives have a legal obligation to give a full inventory of the estate together with an account of the administration of the estate. A correctly prepared set of accounts would present this information in the best possible way and will also give the beneficiaries a breakdown of their entitlement.
Trustees don’t have a legal obligation to produce accounts, but they do have to account to the beneficiaries for their financial administration of the trust fund and this duty is established by case law. By keeping accurate accounts, trustees can monitor the performance and application of the trust fund detailing such points as what has happened to investments, what funds have been received, and how the resources have been used. The production of accounts ensures that where there are contentious issues in play there is evidence of good practice, professionalism, and efficient trust organisation on behalf of the trustees.
Deceased estates
As individual’s financial affairs are becoming more complex, so is dealing with their estates. We are able to assist executors in dealing with their responsibilities, helping them with probate and the administration of the estate. From the preparation of the required inheritance tax forms and calculating the tax to be paid, advising on whether a Deed of Variation may be appropriate, preparing accounts and tax returns, to providing tax advice for the beneficiaries of the estate, WR Partners can provide a complete accounting, tax, and administration service for deceased estates.
Inheritance Tax (IHT)
Inheritance Tax (IHT) was established to create a fairer society by preventing the accumulation of wealth across generations and redistributing it for the public good. Today, IHT affects many individuals, making early planning essential to minimise potential liabilities.
Effective IHT planning is best achieved as part of an overall tax strategy to utilise all available reliefs fully. At WR Partners, we offer expert advice and solutions, including:
- Fully utilising IHT exemptions and reliefs
- Tax-efficient use of Wills
- Benefits of using trusts
- Agricultural and Business Relief reviews
- Structuring Family Investment Companies (FICs)
Proper planning can help protect your family from the burden of IHT. Contact WR Partners for comprehensive and tax-efficient solutions.
Family Investment Companies
A Family Investment Company (FIC) is simply a company that has been established with the purpose of holding investments, whether that is stocks and shares, rental property, or another form of investment.
The rights and interests of the different shareholdings will be set out upon setting up the company so that they meet the founder’s specific needs. The structuring of a FIC can be done in different ways and creates a bespoke vehicle which can be used in a similar way to a family trust and usually allows the founders to retain control and involvement of the company whilst passing on wealth to future generations. Should you wish to explore the use of Family Investment Companies please contact a member of the team.
Get in Touch
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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