Inheritance tax, trusts and estate planning
Make sure the right people inherit your wealth, according to your wishes and minimise the amount lost to inheritance tax.
First make sure you have an up to date will. Second reduce the amount of your taxable estate. Any amount above £325,000 for an individual and £650,000 for a married couple, is liable to 40% inheritance tax.
Other than making an outright gift, one way to reduce your taxable estate, is to put your money, property or investments into a trust, managed by a trustee, for the benefit of one or more individuals.
There are many forms of trust and they can be tailored to suit your own circumstances. So, if you would like to make sure that your wealth passes to your children when they are mature enough to handle it, or you would like your assets to remain in trust indefinitely to provide your dependents with a place to live or an income, a trust could be the solution.
Once your assets are in trust, they are technically no longer yours. They do not form part of your estate, so they are not subject to Inheritance Tax.
Talk to us. Trusts are a complex area, but they are a great way of making sure as much of the wealth you built up during your life time is passed on, protected and continues to be used the way you intended.
Ready to make a change?
From payroll to tax advice, Bates Weston has got you covered. Contact us to get started.
Speak with a specialist
No question is too big or small. Our dedicated team is here to provide straightforward, personalised advice and solutions for your business. Reach out today to see how we can support you.
More ways we can help
Our experts can assist with payroll, tax, succession planning, and more. Whatever your business needs, we’re ready to provide practical, personalised solutions that make a real difference.
The essentials
From bookkeeping to tax compliance, we handle your daily financial needs with precision and care.
Accounts
Business advisory
Our straightforward advice empowers your business to grow, offering strategic guidance on everything from tax planning to mergers, acquisitions, and succession strategies.
Bookkeeping
We streamline your bookkeeping, ensuring accurate, up-to-date records, allowing you to focus on running your business without getting bogged down in financial details.
Payroll bureau
Our fully compliant payroll services handle everything, from calculations to submissions, ensuring timely and accurate payroll processing, so your team gets paid smoothly and on time.
Management accounts
We provide clear, insightful management accounts, helping you make informed decisions, track performance, and plan for future growth with real-time financial data.
Advanced services
We go beyond the basics, offering strategic guidance to drive your business forward, ensuring long-term success.Â
Tax planning for you and your business
Pension & investment planning
Corporate finance
Wills & probate services
Family offices services
Looking to grow? Take the next step
From compliance to growth, our accounting firm in Derby has you covered. Call us to see how we can help.