Are my heirs subject to any other taxes?
Your heirs may be subjected to Income Tax, Capital Gains Tax and may also get their benefits affected if they have more than £6000 after inheritance.
Are trusts tax efficient?
A trust can be a great way to cut down your IHT bill. Our expert advisors can guide you through the process.
How am I going to afford long-term care?
Finawis Advisors can help you plan your long-term care and funding you may need to support your later years.
Can a life insurance policy cover my Inheritance Tax Bill?
Yes, life insurance policy can cover a part of or your full IHT bill before Probate is granted. It can protect your assets from being sold to pay IHT making things easier for your family. It required special planning. To know more, please contact us.
How much can I give as gifts each year?
Annual exemption: You can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your estate. This is known as your ‘annual exemption’. Small gift allowance: You can give as many gifts of up to £250 per person as you want each tax year, as…
Is Estate Planning same as Will Planning?
Will Planning is a simple process of documenting your wishes and what happens to your assets in the event of your death. Estate Planning is a more comprehensive process incorporating various documents pertaining to securing and passing of your assets in the most tax efficient way.
I have a Will, do I need Estate Planning?
Wills and Estate Planning are often used interchangeably but it’s important to recognize they don’t mean the same thing. Our Estate Planner will work with you to estimate your potential inheritance tax obligations and provide you with tailored advice.
How can I store the Will safely?
Never store your Will in a bank safe deposit neither bank can access it nor can your executer until Probate is granted, and Probate cannot be granted in the absence of Will. We strongly advise that once the Will is made, it should not be kept in home environment as it can get damaged due…
Can I write my own Will?
Yes, you can write your own Will. It should be only done when your wishes are simple like leaving everything to partner. However, you must seek professional advise if you are trying to reduce your Inheritance Tax bill, or own a property abroad, or have foreign investments or bank accounts, or you have people financially…
How do I store LPAs safely?
Powers of Attorney are powerful documents. We strongly advise that once the Powers have been signed and registered, you do not keep these legal documents in the home environment, for the following reasons: Storing your documents will ensure that these Powers are NEVER used without your express knowledge and consent, while you have capacity. Prevent your…
