Estate and Life Planning

TaxAssist Accountants work with partners who are specialists in legal, estate and life planning and are well suited to dealing with independent business owners and their families. Their Estate Planners can advise on a range of matters from simple Wills to funeral plans and complex Inheritance Tax planning. 

They want to get to know a client to understand their needs, plans and wishes before finding the solution that’s right for them and to safeguard the future for them and their family.  Each year they provide thousands of people with guidance on a range of legal, inheritance and later life planning matters.  All legal documentation is prepared for you and they are authorised and regulated by the Solicitors Regulation Authority.

What Estate or Life Planning Services do you need?

Wills

When someone dies without a valid Will, the law will decide who inherits everything they own. If they want to make sure their assets go to those they care about, it’s important to make a Will.

There are lots of things to consider when making a Will, particularly when businesses are involved. Here’s just a few things:

• Who will inherit the estate and at what age?
• Should guardians be appointed to care for children under 18 years of age?
• What type of business is owned and what will happen to it when the owner passes away?
• How can a spouse/partner be provided, but a child’s inheritance also be protected from re-marriages, divorces etc?
• How can a spouse/partner, who may or may not be party to the business relationship, be provided for, whilst ensuring the tax efficient passing of wealth using any available exemptions such as Business Property Relief?

Putting plans in place to ensure things are as simple, tax efficient and protective as possible is a crucial step for all business owners. Our partner will guide you or your client through the process so you get a comprehensive Will that is tailored to your specific needs, covering all eventualities.

Trusts

Trusts can be used within a Will to provide protection for a home and savings, as well as providing flexibility and tax advantages for a business. Issues such as care fees, Inheritance Tax and the breakdown of relationships within a family can all have a big impact on the inheritance someone may plan to leave.

Including a Trust in a Will can provide protection and flexibility. In some circumstances, setting a trust up within a client’s lifetime is the most appropriate solution. They will make recommendations after a review of your or your client’s circumstances and objectives.

Inheritance Tax Planning

Good Inheritance Tax planning starts with the right Will. Trusts can be incorporated within Wills to ensure the available exemptions and reliefs are maximised and to provde flexibility and efficiency after death.

Lasting Powers of Attorney (LPA)

A Lasting Power of Attorney allows an individual to appoint someone they trust to make decisions about health, welfare or finances if they become unable to.  Did you know that mental incapacity can affect people of all ages? Accident or illness can strike at any time, often without notice.

Without an LPA no one can manage the finances or make decisions about the medical care of someone who has lost mental capacity without a court order, not even a spouse. This becomes particularly problematic for business owners, where day to day business decisions sometime cannot be made, including the signing of cheques, making payments etc.

Many business owners will decide to make one LPA for their business affairs, and a separate LPA for the personal finances, often with different people appointed to make decisions. With an LPA, loved ones or other trusted people can take care of financial affairs and make crucial decisions, such as where a client should live and whether doctors should resuscitate if the need arises.

Probate & Estate Administration

Dealing with someone’s estate after they have died involves a lot of complex legal, tax and administrative work. If any mistakes are made along the way, then the person carrying out the work can be held personally liable for these.

The Probate and Estate Administration service, can take full responsibility for completing this work on you or your client’s behalf. They will liaise with HM Revenue & Customs, deal with the sale or transfer of any shares or property, locate hidden assets, contact all beneficiaries and distribute the estate in line with the Will (if there is one) and inheritance laws.

TaxAssist Accountants - Your One Stop Shop for a wide range of supporting services

We are delighted to be able to help you where possible with a range of services throughtout the journey of your business life. We know that running your own business can be challenging at times and so TaxAssist Accountants is here to support you every step of the way.  We have a range of providers who can offer you these services so make sure you contact us today and we will put you in touch with the partners we believe can provide you with a first class service. Contact us today on 01329 623103 or complete our online enquiry form and we will call you back.