Probate and Will, Trust & Estate Disputes

Transfer of assets during lifetime saves family millions in IHT

Tax planning advice was sought by the owners of a large family estate. They wanted to ensure that wealth could be maximised for future generations, but wished to remain living on the family estate, accessing the facilities during their lifetime. We were able to identify the current and future needs of the family and make lifetime transfers to the children while protecting the parents’ rights and occupation of the land.

This enabled them to benefit the children of the family during their lifetime, passing wealth out of their own estate to benefit future generations. This was a very tax efficient structure as, given the size of the estate, the potential savings of the transaction exceed £2 million in inheritance tax which would otherwise have been payable on death.

With the help of our property colleagues, we were able to implement a planning framework which was tailored to the family needs and the specific assets of the estate.

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