Estate Planning

"Inheritance Tax is a voluntary tax paid by those who distrust their heirs more than they dislike the Inland Revenue"

–Lord Jenkins

Although this statement can be understood to have a cynical undertone there seems to be an air of confusion in regards to estate planning rather than a distain of its policy exerted here by Lord Jenkins. Inheritance Tax is more concerned now with the fact that...

"Inheritance Tax is paid by those who simply haven’t organised their estate properly"

–Tony Cuming

The UK has one of the highest Inheritance Tax (IHT) rates in the world, with a continuously increasing amount being taken by H M Treasury each year.

For 2012-13 alone the amount of IHT collected was around £3.147bn according to the official reports released by HMRC. From these figures it can be seen that a lack of attention to this tax can cost your loved ones hundreds of thousands of pounds. You could end up with the taxman being the biggest beneficiary of your estate.

The most concerning and shocking element here is that IHT is purely a ‘voluntary’ tax.

At Grosvenor Butterworth we use a range of traditional and innovative solutions that are well established and effective. Our policy is to use the options you have available to reduce or eliminate IHT from your estate. This means you can chose the recipients of that which you have worked hard to build up over your lifetime and not simply give it up to the taxman.

We have found that a number of clients have been poorly advised in the past, even by professionals such as solicitors. Some have just given away assets, which have subsequently been needed or relied on the assumption that everything can simply be left to a partner or spouse. Both of these are very serious errors. At Grosvenor Butterworth our successful planning strategy will give you the facts surrounding your estate and the power to control ‘who gets what’ from your estate.

Unfortunately there is no quick fix to this process but our experienced consultants can make this process a smooth and satisfying exercise, although we actively encourage our clients to start this planning sooner rather than later in order to enable a more effective outcome.

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