Inheritance Tax Advice & Estate Planning Services

Few taxes are quite as emotive – or as politicised – as Inheritance Tax.

How can Hamblys IFA help?

You may think Inheritance Tax only affects the very rich, however growing affluence means that this is no longer the case. Even families and individuals with a relatively moderate level of wealth should consider planning ahead to ensure that their assets are passed on to their loved ones as efficiently as possible.

Rising property values and markets means more estates than ever are going to be subject to an inheritance tax charge. One legacy you don’t want to leave is a tax liability.

The best way to avoid paying any IHT is to reduce your estate value to below the current £325,000 IHT threshold, but this is not practical for many people. With the introduction of the Residence Nil Rate Band providing certain conditions are met it gives you an additional allowance you can use to reduce your IHT liability.

New changes to pension legislation could also offer a way around IHT, as most pension pots are exempt from IHT.

Why Choose Hamblys IFA
  • Independent financial advice regarding inheritance tax and estate planning.
  • Honest, impartial advice.
  • Bespoke advice tailored to your individual needs.
  • UK FCA Authorised


For a free, no-obligation consultation to recieve support regarding inheritance tax and estate planning, please contact our independent financial advisers today on 07833 463 080.

Getting the right balance

Effective estate planning is about getting the right balance between being able to access to your money when you need it and saving tax. This is because, in general, the more tax-efficient a solution is, the less access you have to your assets. Safeguarding your own financial future is very important and giving too much away could put this at risk. 

The structures into which you transfer your assets can have lasting consequences for you and your family. We can help you choose structures and trusts designed to protect your assets and give your family lasting benefits.

This is a very complex area of financial planning, and, despite all the options available, it may be difficult to avoid IHT on what is probably your most valuable asset. Effective planning incorporates legal, financial and taxation issues, therefore a multi-faceted approach is required. Hamblys work in conjunction with specialist Chartered accountants and Legal professionals to provide an integrated approach, allowing “joined up” thinking. This means you will benefit from a simplified, co-ordinated and holistic help from a team of well qualified and experienced specialists.

Few Taxes Are Quite As Emotive – Or As Politicised – As Inheritance Tax.​

What we offer

Wills

We cannot stress how important making a Will is, as without one all decisions relating to your affairs will be made by the state – this includes who looks after your children. If you were to die without having made a Will, the surviving spouse will not automatically inherit the estate but only a part of it, even if you were married with children. Furthermore, without taking court action, common law partners would get nothing.

There are so many other factors to be considered even if you do have a Will in place.

Is it up to date? Has it been invalidated by marriage?

If you have children, have you appointed guardians?

If the executors are a bank or solicitor, they take part of the estate – is this what you really want?

Lasting Powers of Attorney

Whilst a Will helps lay down your wishes on death, there’s not much that it can do if you are still alive, but have lost the mental OR physical capacity to make decisions or even something as simple as requesting a withdrawal from your investments or bank accounts, or making medical decisions.

If you were unable to make these decisions yourself, for instance if you suffer brain damage in a car crash or develop any debilitating illness of the body or mind. The LPA will act as a safeguard, allowing you to decide who you would like to make decisions on your behalf.

Where a Lasting Power of Attorney can help should you lose the mental or physical capacity:

  • If you have assets held in your name only, your family or friends are unlikely to be able to give instruction to make withdrawals or accept investment recommendations

  • You may find yourself in a position where you are unable to decide the best care home for yours and your family’s need i.e. a care home close to your family where they can visit frequently

  • Do not resuscitate decision will not be able to be made unless you have a valid LPA

  • Makes sure your assets can be properly looked after if you are finding it difficult to keep up

  • You can choose people you can trust

  • Your attorney should act in your best interest whereas the government may not

Lasting Powers of Attorney must be established whilst you are considered mentally able to give instruction, they therefore need to be established in advance of their need, if you wait until they are needed it is likely that you would be unable to effect one.

If you do not have either Lasting Power of Attorney in place and are considered to have mental incapacity an application may need to be made to the Court of Protection for someone to act on your behalf.

In this case;

  • The court of protection will appoint someone to act for you, however this may not be the person you wish to act.
  • The process of applying through the court of protection has been known to take in excess of 18 months during which time no action can be taken on your behalf.
  • In order to proceed down this route you require a solicitor, which may be costly.
  • The powers that the Court of Protection gives to the appointed attorney may be significantly less than compared to a pre-arranged Lasting Powers of Attorney.

Trusts

We also offer a wide range of trusts such as

Estate planning, trust planning, tax planning and Will writing is not regulated by the Financial Conduct Authority.

The key to exploring your options is to contact one of our experienced and qualified advisers, for an initial no obligation discussion, from which we can identify if and how we might be able to help.