Browell Smith & Co can offer a substantial ‘estate planning’ service. Estate planning in it’s simplest form can simply mean making a Will, to ensure that the people you choose benefit from your estate, rather than the people who the law says should benefit inheriting from your estate automatically under the ‘intestacy rules’.

However, estate planning can mean much more than this, as there are a variety of ways in which the liability of your estate for Inheritance Tax, or to pay care home fees should it be necessary for you to go into residential care in later life can be reduced.

On current figures, each individual has an allowance of £325,000 which can be left on their death without attracting Inheritance Tax. Married couples can use each other’s allowance so that they effectively have a joint allowance of £650,000. Any amount left over this limit is taxed at 40%. If you believe that your estate may be subject to Inheritance Tax please do not hesitate to arrange an appointment with one of our solicitors to discuss ways in which your liability could be reduced. As well as Will planning, this can also involve the use of lifetime gifts (whether outright or into trust) and the adoption of a proper investment strategy to ensure that appropriate exemptions from Inheritance Tax can be claimed.

For those of us who require residential care in later life, the limits are somewhat lower. Anyone who has over £23,000 in ‘assessable capital’ is likely to be required to pay the full cost of residential care. Anyone with over £13,500 will be paying at least a contribution. With care costs of around £700 per week not unusual, this can soon reduce an estate to the extent that there is very little left to be passed onto the family. Please contact one of our specialist solicitors to discuss ways in which liability for payment of care home fees can be reduced.

If you would like any further information please contact us by clicking here, call us on our free phone number 0800 1073000 to arrange a free half hour appointment or come along to one of our weekly surgeries.