Surplus wealth passed down during lifetime can be an effective way of reducing or eliminating IHT upon death.
Successful business owners plan for succession of their company to their children through lifetime planning together with their wills.
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.
Mark advised the trustees of a discretionary trust on various issues relating to a legacy of shares in a family trading company. The deceased’s Will left shares worth around £15 million to the trust.
Our client's father-in-law died, leaving his estate to our client’s husband, who subsequently died. Our client was the beneficiary of both estates
This case study demonstrates the expertise of our Wills, Trusts & Tax Planning team who have recently settled a farming case, saving a potential IHT liability of over £500,000.