Secure Your Legacy with Early Planning
Effective inheritance planning ensures that your assets are distributed according to your wishes and helps reduce the burden of Inheritance Tax (IHT) on your loved ones. At P J McIlroy & Son, we can help you plan ahead to protect your estate and mitigate potential tax liabilities.
Why Estate Planning Matters
Many people assume that their estate will automatically pass to their spouse or family, but this isn't always the case. Without a Will, your estate will be divided according to government rules, which could result in the family home needing to be sold or unexpected claims on your estate. Proper estate planning can save your family from unnecessary stress at a difficult time.
We can help you:
- Evaluate your estate and plan for its future distribution.
- Use life assurance, investments, and trusts to protect your assets for your chosen beneficiaries.
- Ensure that your family and heirs are financially secure, and avoid common pitfalls like having to sell the family home to cover taxes or claims.
Enduring Power of Attorney
In the event that you become unable to manage your affairs, an Enduring Power of Attorney (EPA) allows you to appoint someone to take over responsibility. Setting up an EPA in advance ensures that your estate is managed according to your wishes, even if you become incapacitated. We recommend establishing one while you are fit and well, so it can be used when needed.
Inheritance Tax (IHT)
Inheritance Tax is payable if the value of your estate exceeds the nil-rate band. If you own a house and provided it passes to a direct descendant on your death (children or grandchildren) then you may also qualify for private residence relief up to a certain amount. Once your entire estate has been assessed anything deemed liable for inheritance tax will charged at 40%. (Transfers between spouses are not liable to IHT) However, if you are married or in a civil partnership, the unused portion of your partner's nil-rate band/private residence relief can be transferred to the remaining spouse.
At P J McIlroy & Son, we can help you explore strategies to minimise your IHT liability, including:
- Joint property ownership: Ensuring both partners can make full use of their nil-rate bands.
- Trusts: Setting up trusts to ring-fence assets, keeping them outside the IHT calculation.
- Insurance-based solutions: Using life assurance policies or trusts that pay out to cover potential IHT.
Our Expertise
With decades of experience in inheritance planning, trusts, and tax-efficient investments, we can provide expert guidance tailored to your specific circumstances. Our approach is built on helping you achieve peace of mind by securing your estate and ensuring that it is passed on in the most efficient way possible.
Whether you’re concerned about your hard-earned savings or managing an inheritance, we’ll work closely with you to design the right plan. Our clients consistently testify to the effectiveness of our expertise in delivering successful outcomes.
Get in Touch
Don’t leave inheritance planning to chance. Contact us today on 02820762353 to arrange an appointment with our Independent Financial Adviser. We’re here to help you safeguard your wealth and provide for the future of your loved ones.
