Professional Financial Services (PFS) Glasgow - independent financial advisors

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Estate planning

We work for the greater part of our lives to provide the standard of living we desire for our families and ourselves and most of us would envisage passing on our wealth to our beneficiaries. However inheritance tax is affecting an increasing number of individuals and households as higher incomes, increased property prices and investment growth have ensured that the average estate value is in excess of £312,000 which is the starting point at which Inheritance Tax (IHT) is applied.

However, it is possible with careful planning and good advice to mitigate or altogether avoid IHT charges.

The first action is to draft or review your will to ensure that your wishes are properly carried out. The advice of a legal expert is recommended. We then review the tax efficiency of your will and take the time to understand your personal circumstances and domicile status, before carrying out a full valuation of your estate.

Our valuation can provide you with a comprehensive overview of the lifetime giving opportunities that are available to you, calculate your current IHT position taking into account any interactions with the Capital Gains Tax (CGT) regime and highlight potential amendments to your Will that may improve your position.

Our full report will consider the use of exemptions, the application of Business Property Relief, the use of trusts, the ownership of the matrimonial home and the implications of long term care funding on the Estate. We also work with the major insurance companies with a view to using the various discounted trust arrangements for planning purposes and the use of insurance policies to fund potential future IHT liabilities, to help ensure that your bequest is transferred intact.

PFS are trained to understand the complexities of IHT and will help you take advantage of the best solutions to meet your requirements.