tax planning, wills, trusts & probate

Most of us are reluctant to think about the consequences of our own death. Making a Will and planning for the future can seem like something to be put off until we are older. However, not thinking ahead can mean more problems for families and other dependants at a very difficult time.

By making a Will, you can:

• choose exactly how your property and possessions will be divided
• take steps to save tax
• decide who you would like to wind up your affairs

In other words, you can ensure your affairs are in order and so have peace of mind.

Clarke Willmott's Private Client team is able to give specialist financial and investment advice in addition to the usual legal and tax services. We believe in helping clients to build their wealth and to preserve it for the benefit of themselves, their families and other beneficiaries.

We advise on:

• Inheritance tax planning (lifetime and post-death)
• Administration of estates
• Creation and administration of trusts
• Personal income tax and capital gains tax planning
• Enduring Powers of Attorney and receivership
• Pre and post retirement counselling
• Portfolio management and other investment advice
• SIPP’s and SSAS’s (including property and other investments)
• Property advice (including bespoke conveyancing, ownership within trusts, capital gains tax and stamp duty)
• Equity Release and provision for the avoidance of care fees

To ensure that our clients get the maximum return from their financial planning, we work closely with each client to make sure that their personal tax affairs are up to date, that their assets are invested well and that plans are in place to maximise the numerous tax exemptions and reliefs available (inheritance, capital gains and income tax). This is why we do not recommend using standard "Last Will and Testament" forms but instead provide a tailored service to ensure your last wishes are carried out.

Recent experience includes:

• A seven figure estate with substantial tax free legacies and most of the residue tied up in trust for non-exempt beneficiaries, but where skilful use of a Deed of Variation supported by appropriate life cover will save over £400,000 inheritance tax.

• Administration of estate of editor of a National Magazine, including direction of the substantial pension scheme death benefit into a Discretionary Trust, protecting the fund from inheritance tax on the death of the surviving spouse.

• Regular use of nil rate discretionary trusts on first death, with property ownership as tenants in common and use of loan powers to enable surviving spouse to occupy the property, but saving inheritance tax on his/her death.

• Successfully transferring second homes into and out of discretionary trusts to gain principal private residence exemption for CGT purposes.

For further information, please contact either Stuart Thorne (Taunton) or Elizabeth Smithers (Bristol).