Estate Planning

With increased asset values and rising tax rates (now 25%) inheritance tax can lead to major difficulties for families inheriting asset rich estates.  Problems arising in funding inheritance tax liabilities can sometimes lead to the sale of key family assets.   At Cahill Taxation Services we adopt a 4 step approach to estate planning aimed at protecting assets and minimising inheritance tax through a consideration of both pre-death and post-death planning.

1. We listen to our client’s personal wishes with regard to the distribution of assets.  This is the most important step in the planning phase and we work our tax solutions around our client’s personal wishes.

2. We prepare initial computations of the likely tax liabilities attaching to the assets of the estate and identify assets that qualify for reliefs.

3. We then provide recommendations to our clients on options available to them to minimise future inheritance tax liabilities through actions during their lifetime.  This would involve changing uses of assets, restructuring, transferring assets and using family partnership type structures.

4. We then assist our clients in preparing their Wills with their solicitors to ensure that it is drafted in a tax efficient manner to allow the next generation options post-death.