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Markel Tax

IHT trust and estate planning

Inheritance tax (IHT) accounted for around £5bn of tax revenue last year – hitting families harder than ever.

The key to IHT, trust and estate planning is to plan ahead. Around 70% of people die without a will, missing valuable opportunities to save tax. Leaving lifetime planning to the last minute leads to missed opportunities to reduce the liability.

Spot an IHT, trust or estate planning opportunity

Key inheritance tax, trust and estate opportunities may arise from:

  • Clients with estates worth over £325,000 individually
  • Couples with combined estates over £650,000
  • Clients with out of date wills or no wills
  • Recent business sales or inheritances
  • Farmers and property/land owners
  • Widows and widowers
  • Clients who pay grandchildren’s school fees
  • Clients with money invested in property companies
  • Clients concerned about family company succession planning
  • Business property relief and agricultural property relief

We advise on the full spectrum of IHT planning, from what should be included within basic tax efficient wills, through to more complex IHT matters such as bespoke trust structures.
We can also arrange for wills, deeds of variation, trust deeds and other legal documents to be prepared if necessary.

The process

 The Markel Tax team will typically take clients through the following process:
Step 1 - A complimentary initial overview of circumstances and pre-assessment
Step 2 - A detailed fact-find
Step 3 - We produce recommendations and assist with implementation including IHT planning and sourcing legal assistance with will writing and lasting powers of attorney