Inheritance Tax (IHT) is said to be the only voluntary tax in the UK tax system and with our expertise in inheritance tax mitigation it is possible to reduce or remove liability.
The key is to plan in advance. With the right plan in place we can maximise the amount of your wealth that stays within your family.
Our experience
Our Independent Financial Advisers will put together a bespoke plan for every client which best meets the overall objective of minimising or potentially removing the possible impact of inheritance tax on an individual’s estate.
This can be achieved through a variety of means and may include a combination of investment holdings, amendments to your will and/or creation of a trust, packaged inheritance tax schemes, lifetime gifts and where suitable, life assurance.
Regular reviews of a client’s plan will be undertaken to take into account any changes in legislation and taxation together with new schemes or products brought to the market.
Why choose us?
Inheritance tax planning often involves lifetime gifts, and in that context other taxes may need to be considered. We are able to guide you on the consequences of your inheritance tax planning for capital gains tax and other taxes.
There are many options for funding long term care and they can often be complicated to understand. At Gilbert Stephens Financial Services Limited our Independent Financial Advisers have extensive experience within this sensitive but important area of financial planning.
We can help in two ways:
Planning in advance for future care needs
Provide financial/investment advice, at the point where care is required, to help meet and fund the anticipated cost
The level of help and support required will depend upon an individual’s health, mobility, level of savings, assets and income. One may qualify for free NHS Continuing Healthcare (CHC) which is a package of healthcare that is arranged and funded by the NHS. Local authorities may be able to help with the costs of residential care. How much funding is received will depend upon:
Individual needs (based on a care needs assessment)
Level of income and savings of an individual that can be used to pay towards the cost of care (based on a financial assessment)
Depending on individual circumstances, a person may not qualify for funding from the NHS or local authority or qualify for partial assistance, which means that the amount you receive may not be sufficient to completely cover the care costs.
Our qualified and experienced team of financial advisers will guide you through the options, designing and tailoring a strategy based on individual needs and requirements. Some of the options considered to fund long term care are detailed below:
Immediate need care fee payment plan – designed to help if you need care immediately. In return for investing a lump sum you get a guaranteed income for life to pay for care costs.
Equity release – this gives you a lump sum or steady income to pay for your care using some of the money that is tied up in your house, while you carry on living there. The money must be repaid at a later stage when the house is sold.
Investments – you can use certain investment vehicles to help pay for your care. However, there is no guarantee that the returns will cover the cost of your care, and your money is tied up for a long time.
Why choose us?
As we are a subsidiary company to Gilbert Stephens LLP, unlike most other IFA firms we have the advantage of being able to work alongside, and can offer all clients access to, our in-house legal advisers.
If you are involved with the running of a trust you will need to know the complex rules surrounding trustee investments. The Trustee Act 2000 imposes various duties upon trustees including a statutory ‘duty of care’ when reviewing trust investments or making or amending investments.
In addition to observing the statutory duty of care, the Act further demands that when exercising a power of investment trustees must:
Obtain and consider proper advice before exercising their power of investment
Have regard to the need for diversification and the suitability of the proposed investments to the trust (known as the ‘standard investment criteria’)
Periodically review the trust investments
Our experience
Gilbert Stephens Financial Services Limited are in an ideal position to provide this much needed sound advice. As we are a subsidiary company to Gilbert Stephens Solicitors LLP our advisers have a vast wealth of experience in dealing with this type of business, working closely with professional partners who act as trustees and assisting them in complying with their duties.
When providing advice on trustee investments our Independent Financial Advisers will consider the following areas:
The needs and requirements of the different beneficiaries, for example, income for the life tenant versus capital for the remaindermen, those who will inherit when the trust is wound up
Attitude towards investment risk of the trustees
The charging structure and product charges based on the value of the trust fund
Tax status of the beneficiaries, trustees and settler where relevant
Why choose us?
It is essential that trustees carry out regular reviews of the trust investments, considering not just performance but also the overall investment strategy, as the needs of the beneficiaries will often change. At Gilbert Stephens Financial Services Limited we offer an ongoing review service to help trustees meet this obligation. Also, all investment advice is confirmed in writing to assist trustees in meeting the requirement of an audit trail.
This information does not constitute legal or financial advice and you are advised to seek the guidance of a lawyer or financial advisor to discuss your individual requirements.
