Estate planning with D S Howell; allow us to help you protect your wealth.

With careful planning, you can make sure that your family and the next generation are protected.

According to the latest figures, the government collected £5.13 billion in inheritance tax receipts in 2020.

Building your wealth can take many years, if not most of your life, therefore, it is extremely important to make sure your wealth is protected. With inheritance tax (IHT) affecting thousands of families every year, it is probably best not to assume that you and your family will not be impacted by what is often deemed the “voluntary” tax.

What is your estate?

Your estate is defined as the total of everything you own. This ranges from your house to your personal possessions. It is what is often referred to as your net worth.

To give you an idea, we have included some of the key assets to consider when valuing your estate:

  • Property you own
  • Bank accounts
  • Savings accounts
  • Investments
  • Vehicles
  • Any inheritance you have received
  • Life Insurance pay-outs, which aren’t subject to a trust

The standard inheritance tax charge is 40%. This is charged on part of your estate above a certain threshold.

What we can offer you

As an example, to help you with your estate planning, we will:

  • Help you value your estate and to discuss available reliefs & allowances
  • Cash flow planning to assess the existing/future potential liability
  • Mitigation strategies: Gifting, trust structures and possible tax-efficient investment solutions (for example)
  • Protection policies to help mitigate an anticipated Inheritance tax charge

Estate planning can be a complex area of financial planning. It is also important to make sure you have a valid Will in place.