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For high net worth individuals, good estate planning is essential. Having the right advice and the proper measures in place will help to protect your wealth and ensure the maximum value is passed on to the right people when the time comes. Our experts in high net worth estate planning can make sure every angle is considered and the right steps are taken.
At Glanvilles, we can work closely with you and your financial advisers to plan your estate in a way that is tax-efficient and offers resilience against any future challenges or issues you or your loved ones might face. We can expertly handle all of the legal details so you can be confident your estate planning is robust and the risk of future problems is minimised.
You can contact us about estate planning for high net worth individuals and families in West Sussex and Hampshire at your local branch in Chichester, Fareham, Havant or Petworth.
Alternatively, you can fill in our online enquiry form and a member of our team will be in touch shortly.
Our estate planning for high net worth families and individuals is tailored to your specific needs. Matters with which we can assist include:
There are various reasons why high net worth individuals and families should consider estate planning.
Perhaps the most obvious is that it can allow you to reduce your estate’s liability for inheritance tax when you pass away, offering the potential to significantly increase the amount that passes to your heirs.
However, estate planning can also be used to protect specific assets (such as your family home) as well as to provide for specific individuals, including those who would be unable to provide for themselves in the event of your death.
There are various issues to consider as a high net worth individual when it comes to estate planning, including:
Yes, good estate planning can be a very effective way to minimise inheritance tax. Understanding the different tax-free allowances can be crucial when making your Will. Good use of trusts, charitable giving and lifetime gifts can also potentially reduce the amount of your estate that is liable for inheritance tax when you pass away.
There are many different types of trusts that can be used as part of your estate planning and various ways that they can be used.
A common type of trust would be a life interest trust. These tend to be used for the family home or other property where someone wants a specific person or people to inherit a property but someone else to have the right to continue living there, either for a fixed time or until their death. This type of trust is most commonly used when someone wants their children to inherit their home but for their spouse or partner to be able to continue living there for as long as they need to.
Trusts can also be used to provide ongoing support for dependants, including vulnerable dependants, by placing assets into the trust so that they or the trust income can be used to benefit a dependant.
Another way trusts can be used is to protect assets from inheritance tax, however, this must be precisely planned as the person placing the assets into the trust (the ‘settlor’) must be careful about whether they are considered to be continuing to receive any benefit from the trust assets.
If you have assets in multiple countries, it is important to understand how they would be treated in the event of your death. While it might be that those assets could be dealt with under English law, you should not assume that this is the case as it will depend on matters such as where the assets are and how they are held.
If you have assets in other countries, we strongly recommend seeking specialist advice on international inheritance law so you can be confident that you know how those assets would be treated.
When you use our high net worth estate planning service, we promise:
Establishing whether someone is domiciled or a resident in the UK is crucial when working out where they are liable to pay tax and assessing how much tax is payable and on which sources of income.
Tax and residency rules are complex, and it can be difficult to work out exactly what liabilities exist and what the most tax-efficient way of dealing with matters is.
Glanvilles’ domicile and residence solicitors have a high level of expertise in the areas of tax law, domicile and residence and will work with you to establish your best course of action.
We specialise in complex cases and matters where disputes have arisen over issues such as habitual residence and tax residency. We can advise and represent you to avoid ongoing difficulties and prevent you from falling foul of UK tax laws.
We can also advise you in respect of domicile and residence where this arises in other cases such as child arrangements and divorce.
Our services include the following:
Our team will take the time to gain a thorough understanding of your situation and how you would like your affairs to be structured. We will offer clear and pragmatic advice and work with you to put the right framework in place for your tax, domicile and residency affairs.
Contact our expert domicile and residence solicitors in Chichester, Fareham, Havant or Petworth or fill in our simple online enquiry form for a quick response.
Domicile is a UK concept and refers to the place where your permanent home is. An individual can only have one domicile at any one time. There are three types of domicile:
Domicile of origin is acquired at birth and is generally the same as the domicile of an individual’s father, unless the parents were not married, in which case the mother’s domicile is used. The mother’s country of domicile is also used where an individual’s father is deceased.
This is the domicile given to children and individuals who are not capable of managing their own affairs. Domicile of dependency is the same as the domicile of the individual’s parent or carer on whom they rely.
Domicile of choice can replace domicile of origin. It can be acquired by living in a country with the intention of remaining there. HM Revenue & Customs consider someone to still be domiciled in the UK for three years after leaving the UK to live overseas. Where an individual has been resident in the UK for 15 of the previous 20 years, they will be deemed to be domiciled in the UK.
This is where an individual lives and is decided according to the statutory residence test or SRT. This is a complex process but is vitally important in defining your tax residence status and whether all of your worldwide income will be subject to UK tax.
Where you are present in a country for 183 days or more per tax year, HM Revenue & Customs, as well as other overseas tax authorities, will consider you to be resident in that country. It is possible to have residence in more than one country, referred to as dual residence.
Tax residency is also assessed on the basis of where you work, whether you own a property in the country in question, where your family live, where you work, where your assets are based and where the centre of your activities is.
Assessing and planning your tax residency can be important in ensuring that your tax affairs are as efficient as possible. It is a difficult area of law, and advice from an expert in tax residency is highly recommended as there can be stringent penalties for failure to comply with tax rules or pay adequate tax. It should be noted that residency can easily change, so you are advised to be aware of the length of time you spend in the UK and overseas each year.
If you are resident in the UK for tax purposes, you will be liable for tax on income and gains made in the UK as well as overseas.
For those who do not have habitual residence in the UK, they will still be required to pay UK tax on UK income and gains, but not on overseas income and gains.
Where an individual is classed as UK non-domiciled, UK Inheritance Tax is only payable in respect of UK-based assets. This excludes overseas holdings such as foreign bank accounts and investments.
If you hold foreign assets, you may find you are liable for an equivalent tax in that country, meaning you could be paying Inheritance Tax in more than one jurisdiction. Ideally, you should take planning advice to ensure that the process is clear and as tax-efficient as possible.
A double taxation agreement also referred to as a double tax treaty, is an agreement between two countries intended to ensure that an individual only pays tax in one jurisdiction.
It will be necessary to determine in which country someone is resident for the purposes of the treaty. That is the country that will generally apply tax, while the other country will not impose tax.
To start the process of working out where you are a tax resident, you will generally need to complete a UK self-assessment tax return and tax treaty relief claim.
In some circumstances, tax paid overseas can be offset against tax due in the UK.
Our team have in-depth experience in the complex area of domicile and residency law and can work with you to deal with a full range of tax issues. We can also advise you on the best way of setting up your finances and residency to ensure that your tax situation is as advantageous as possible.
Our domicile and residence experts can offer:
Inheritance tax can take up to 40% of your money and property (your estate) after you die, reducing how much your loved ones can inherit. Our estate planning solicitors can provide expert advice on reducing the amount of inheritance tax (IHT) payable on your death.
We will talk you through all your options in detail so you can make the best possible decisions about how to structure your estate. The first step is normally to review your Will and ensure it makes full use of available exemptions and your tax threshold or nil rate band.
The next step is to discuss with you to what extent you wish to make gifts during your lifetime or re-arrange your financial affairs.
We can advise on the tax consequences of outright gifts, the use of trusts and the use of pensions. This will normally include a review of the inheritance tax, capital gains tax, income tax and stamp duty consequences. In appropriate cases, our partners are willing to act as trustees.
Speak to one of our Inheritance Tax planning solicitors in Chichester, Fareham, Havant or Petworth or use the contact form below to ask us a question and get a quick response.
Making a Will is the single most important thing you can do to ensure your money and property goes to the right people after you die. It is also essential for making your estate more tax-efficient, meaning your loved ones will inherit the maximum amount possible.
There are many ways you can write your Will to make your estate more tax-efficient. Our inheritance tax planning solicitors will advise you of the options, and the impact choosing a particular course of action will have on your estate. We will recommend a plan that meets your needs and fulfils your testamentary intentions.
The following are some ways we can help you structure your Will to reduce inheritance tax:
Read more about making a Will.
Trusts are a useful way to control and manage your estate both during your lifetime and after you pass away, but they are often overlooked because they are complex and difficult to wrap your head around.
Trusts are affected by inheritance tax differently from other assets. However, this does not mean that trust property is completely free from inheritance tax. Trusts can also be affected by other kinds of tax, such as income tax and capital gains tax. So, it is vital to get legal advice to make sure trusts are used efficiently within your estate plan.
Our inheritance tax planning lawyers can provide simple and practical advice about using trusts to reduce your estate’s tax liability.
We can advise on all kinds of trusts for all kinds of purposes, including:
In some circumstances, our partners can act as professional trustees.
Giving away gifts during your lifetime is a great way to reduce inheritance tax. Everyone gets a tax-free gift allowance of up to £3,000 every year. Gifts over this amount may be free from inheritance tax if more than seven years pass between the gift and the end of your life (these kinds of gifts are called potentially exempt transfers).
Our inheritance tax planning solicitors can provide advice on whether giving lifetime gifts could reduce your liability for inheritance tax and provide legal support where necessary to facilitate your gifts (such as the transfer of property).
A transfer of equity is where you change the ownership of a property or a share of a property. For example, you may want to transfer your property to your child so that it does not form part of your estate when you die and will therefore potentially not be liable for inheritance tax (the transfer will likely attract inheritance tax if you die within seven years of making it). Depending on the nature of the transfer, it may attract other types of tax, such as capital gains tax.
Our inheritance tax solicitors can assist with transfers of equity, including handling the conveyancing side and advising on trusts (for example, if you want to transfer the property to a child).
Read more about transfers of property.
There are a number of ways pensions can be used to make your estate more inheritance tax efficient. For example, making contributions to your own or other people’s pensions can be an effective way to reduce your taxable estate.
We can advise on the use of pensions to make your estate as tax-efficient as possible.
Leaving legacy donations to charity after you die isn’t just a way to support the causes you care about even after you are gone; it can help you reduce inheritance tax.
Charitable donations can be passed on tax-free. If you leave enough of your estate to charity, the rest can also benefit from an inheritance tax discount.
Our inheritance tax lawyers can advise on making charitable donations for the purpose of minimising inheritance tax.
Our inheritance tax planning solicitors offer a professional, caring service to make your estate and end-of-life planning as simple and stress-free as possible for you.
Our aim will be to help you put your affairs in order in the most tax-efficient way possible. That way, you can trust that your loved ones and favoured organisations can receive and inherit the maximum amount of your assets as possible during your lifetime and after you pass away.
We know that the laws and rules around inheritance tax are difficult to understand, particularly if you have high-value assets that require a complex estate plan of trusts, transfers and gifts. We will explain all your options in plain English, ensuring that you can make informed decisions about what you want to do.
We are committed to ensuring our service is as accessible as possible, and we are happy to visit you in your home, hospital or nursing home where required.
We are accredited members of the Law Society's Wills and Inheritance Quality Scheme (WIQS). Our team also includes members of the Private Client Section of the Law Society and the Society of Trust and Estate Practitioners (STEP).
As STEP members, we adhere to the STEP Code for Will Preparation in England and Wales.
You can contact us about estate planning for high net worth individuals and families in West Sussex and Hampshire at your local branch in Chichester, Fareham, Havant or Petworth.
Alternatively, you can fill in our online enquiry form and a member of our team will be in touch shortly.
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