Succession Planning

Most people who have accumulated some  savings or personal wealth want to ensure that their immediate family will inherit a reasonable part of it after paying succession duties or inheritance taxes.  Keeping these taxes down to a level where they are not a crippling burden on your heirs should be an integral part of sound financial planning. 
In this context it is vital to first consider all jurisdictions where you own property or other assets of any description.  If this leads to potential succession duties in more than one country,  there is often no double tax treaty protection.  Be aware also that if you are a UK citizen or otherwise deemed to be UK domiciled, your estate could still be liable for inheritance tax even if you have not lived in the UK for many years.
We frequently meet clients who have properties, such as holiday homes, in several countries.   Do not overlook the succession duty  implications for your heirs. Remember that it is not just the amount but also the hassle of collecting the assets that can cause distress to your heirs.
Reorganising your affairs with a professional tax lawyer or accountant can solve some of the problems and we will be happy to introduce you to one of the experienced practitioners that we usually work with.  Life assurance often forms part of an effective solution especially if combined with a lifetime gifting programme.  So here  again life insurance comes to the rescue.   Contact us for more information.  

 

Don't leave it too late!