Inheritance Planning

With early planning we can help you negate any Inheritance Tax liability

Wealth Protection - Protecting Your Estate

A large number of adults in the UK still haven't written a Will. However, the common belief that if you don't make a Will your estate will automatically pass to your spouse is a fallacy.  In truth, the estate will be divided according to a set of rules laid down by the Government and this could lead to the family home having to be sold to raise other claimants' share of the estate.

Good estate planning can save your family and heirs stress and anxiety at a time when they can perhaps least cope with it.  We strongly recommend that you take time to evaluate your estate and to make provision for its disposal upon your death.  We are happy to help you with this process, and can show you how to use life assurance, investments and trusts to secure your assets for the benefit of your chosen beneficiaries.

An Enduring Power of Attorney allows you to appoint someone to manage your affairs in the event of you becoming unable to do so.  This document doesn't mean you immediately lose control of your estate – you can determine when and how it can be used.  In most circumstances we would recommend that you set one up whilst you are fit and well – if you wait until it is needed, it could be too late.

We work closely with many legal professionals in this area.  Please contact us for a free initial consultation to discuss making a Will


Inheritance Tax (IHT)

Inheritance tax will be payable on your death if your estate is worth more than the "nil rate band" – currently £325,000.  If your estate is worth more than this, your heirs will pay 40% tax on everything above this amount.

Legislation was introduced in the 2008 budget to make changes to the way the nil-rate band is applied to married couples and civil partners, giving an effective nil rate band of £650,000 for the remaining spouse or partner after the death of one partner, provided the nil rate band wasn't used by them previously.  This legislation came into effect in April 2008 and applies retrospectively (ie where one partner is already deceased).

There are a number of measures you can take to minimise the effect of inheritance tax. With our help, you should look at the following areas:

Is your property jointly owned – if so has the ownership been set up to ensure both you and your spouse/co-owner can use your nil rate band effectively?

  • Are you making the most of all family members' tax free allowances when bringing income into the household?
  • Can you use trusts to ringfence assets so they are not taken into account when inheritance tax is due?
  • Would an insurance based policy or trust that pays out on your death to cover inheritance tax work for you?

Reducing your Inheritance Tax (IHT) liability remains a major concern to many.

Those married couples with estates greater than £650,000 may wish to consider mitigating their potential IHT liability. 

With over 50 years experience we can advise on all aspects, from trusts and gifts to life insurance and investments.  Effective investment management & tax planning, needs considered expert advice.  PJ Mcilroy & Son's existing clients can testify to the success of our expertise in delivering the right solution.  Whether it is your hard-earned savings, or an inheritance, we can explain and deliver the most beneficial plan for you.

Call us today on 02820762353 to arrange an appointment with our Independent Financial Adviser.

P J McIlroy & Son Insurance & Investment, are authorised and regulated by the Financial Conduct Authority.