Trusts
Inheritance Planning
Estate planning options
Paying for care
Estate Planning in the North West with Parker Kelly
Regular meetings with your adviser help us to ensure your plan is up to date and always ready for whatever challenges and opportunities come along. It’s this holistic and long-term approach that sees us looking after the needs of families for generations
Estate planning options
It’s important to start thinking about your options for estate planning in the North West sooner rather than later. There are ways to help minimise inheritance tax. These could include:
- Making gifts to family and friends before you die
- Setting up a trust fund for those you want to benefit from your estate
- Putting your life and pension policies into a trust so they’re not included as part of your overall estate
Paying for care
It’s also important to consider what you will need in retirement and the possibility of paying for care. Social care isn’t free, so you will need to pay for some of your care. Gifting away money or property to mitigate care costs is known as deprivation of assets.
If your local council concludes you have deliberately reduced your assets to avoid paying care home fees, they may still calculate your fees as if you still owned the assets.
Inheritance Tax Tools
Do you need more information on how to calculate inheritance tax?
Then you are in luck, as the gov.uk website includes everything you need!
Inheritance Tax Checker
Guaranteed Annuity Calculator
Interest Calculator
Grossing Up Calculators
Residence Nil Rate Band Calculator
Reduced Rate Calculator
Interested in Estate & Inheritance Tax Planning in the North West?
Contact us today for a free consultation on where to get started, or check out our social media for more information our advisors can give you the best guidance on where to start.