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Estate Planning

We all want our families to be financially secure when we are no longer around. That’s why it makes sense to talk to the estate planning team at Banks & Co.

The earlier you start making arrangements for the transfer of your estate, the greater your opportunities will be of taking full advantage of the tax-saving options available, maximising the amount that goes to your beneficiaries.

With inheritance tax (IHT) levied at a hefty 40 per cent on your estate above an allowance known as the nil rate band – currently £325,000 –  forward planning is essential and ensuring that you have in place a tax-efficient and up to date will is the best place to start. We’ll help to draft your will or review your existing arrangements, as well as regularly revisiting it to ensure it appropriately reflects any changes in your circumstances.

At the same time, our estate planning specialists will work with you to identify ways to minimise your tax liabilities. We’ll look at tax minimisation opportunities, including trusts, and advise you on ways to make best use of the gifts and exemptions allowed under the IHT regime, including lifetime gifts, annual gifts, gifts to charities and agricultural and business property relief.

We’ll also make sure that we look at your estate planning from all angles so that, for example, a gift that saves inheritance tax does not unnecessarily create a capital gains tax liability.

We can advise on life insurance policies written in trust, which remove the proceeds of the policy from your future inheritance tax liability, providing your family with a tax-free lump sum towards any IHT on your estate.

A key part of estate planning is to ensure that you make adequate provision for yourself and your partner in your later years.  We can advise on ways to provide financial security during your lifetime and can make arrangements that take into consideration the possible need for long-term care in the future.

For more information on how we can help you, please contact us.