The estate planning process involves reviewing your financial position and assessing how it provides for your needs, both now and in the future. At BPE we regularly advise clients with substantial and/or complex assets and needs to achieve their goals. This includes considering how both personal and business assets are managed currently and advising on the most appropriate structures going forward.
What will be Reviewed as Part of the Estate Planning Process?
Working with your other professional advisors including accountants and financial or wealth managers, we will review how your assets are held and managed. Depending on your current stage of life and your future aspirations, we will recommend the most appropriate vehicles for holding assets and how to pass them to future generations.
A starting point for this will be reviewing your Will (or drawing one up if you do not have a valid one in place) to ensure that your wealth is passed on to your intended beneficiaries correctly. We can also review any existing trust structures to ascertain if these are suitable vehicles for current or future planning or, to put these structures in place.
Although we are not tax advisors, we are able to inform you of potential tax liabilities including Capital Gains Tax (CGT) which is incurred on the sale of an asset (if sold at a profit) and Inheritance Tax (IHT). Using our experience of advising individuals with significant assets and portfolios, we can minimise your exposure to tax and ensure effective use of tax-free allowances. This could include making sure that your Will is drafted so that assets are left in the most efficient way and the use of Trusts to ensure that a partner benefits from an asset during their lifetime (but that the asset itself is ultimately passed on to your children or other beneficiaries) whilst also being tax efficient.
Helping You to Achieve Your Objectives
Effective estate planning will support both your short and longer term needs. You may now be in a position where you are able to make more significant gifts to charity and these may in turn help your tax position. You may also want to consider leaving a charitable legacy of a particular item or asset in your Will and we can advise on the best way of implementing this.
Looking to the longer term, we can work alongside your existing financial advisors and accountants to ensure that your assets will provide you with the income and lifestyle you are aiming for as you plan for retirement.
Many of our clients have a multijurisdictional estates with property and assets both in the UK and overseas. Building longstanding relationships enables us to continually understand your situation despite it changing over time. We often support business owners and entrepreneurs on more complex and high value planning, enabling them to exit at a time to suit them and to move on to the next challenge, be that winding down or a brand new venture.
Although we are known for providing sound and often intricate solutions for clients, you can rest assured that this does not detract from the personal service. We combine expertise, sensitivity and discretion to support clients whatever their private client need and are proud to have client relationships which extend over decades.
For information and advice regarding your own circumstances, please contact a member of the BPE Private Wealth team.
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