Tax & Estate Planning
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An estate is the total property, real and personal, owned by
an individual prior to distribution through a trust or will.
Real property is real estate and personal property includes
everything else, for example cars, household items, and bank
accounts. Estate planning distributes the real and personal
property to an individual's heirs.
Estate planning is the process by which an individual or family
arranges the transfer of assets in anticipation of death. An
estate plan aims to preserve the maximum amount of wealth possible
for the intended beneficiaries and flexibility for the individual
prior to death.
Wills and trusts are common ways in which individuals dispose
of their wealth.
Trusts, unlike wills, have the benefit of avoiding probate,
a lengthy and costly legal process that oversees the transfer
of assets.
Sometimes, it is possible to make inter vivos gifts (gifts made
while the donor is alive) in order to minimise taxes.
Death & Taxes are unavoidable.
Planned Estate & Inheritance Planning will allow you to
Preserve Your Assets & Distribute them in the Manner that
you wish whilst at the same time Minimising Taxes.
We set out below some Information that will assist you but this
is an Area which requires Careful and Detailed Advance Planning.
Pryce Warner International Group will provide you with Detailed & Expert Guidance.
Income Tax
This is a tax on most UK income (for most non UK residents)
and on worldwide income (from most UK residents).
Capital Gains Tax
This is a tax on profits or gains made on the disposal of assets.
There are exceptions and qualifications to Capital Gains Tax,
for example, no tax is payable on any gain on the sale of a
person's home as long as it is their main residence.
Inheritance Tax
Inheritance Tax is payable on your estate if it exceeds the threshold or nil rate. These rates have been modified (0ctober 2007) contact us to review you’re your position.
Wealth Tax (France & other European Countries)
This is an increasingly important area for Ex-patriates becoming
resident in their new country of choice. Please contact us (there
is a response form on this page at the top) & we will review your
personal situation with you.
What is an Estate?
A person's Estate includes the total of everything:
- owned in his or her name,
- the share of anything owned jointly,
- gifts from which he or she keeps backs some benefit, for example,
if you give away your home but
continue to live there, and
- assets held in trust from which he or she gets some sort of
personal benefit, for example, an income.
If your Estate exceeds the threshold including assets held in
trust and any gifts you have made within seven years of your
death then Inheritance Tax will be payable on the remainder
at a flat rate of 40%.
Offshore estate planning takes having the proper understanding of an estate as well as how to maintain it. With the help of financial brokers, you can make the right decisions – whether you are considering purchasing a property, opening an offshore brokerage account, or looking to make innumerable other financial decisions.
To begin your offshore estate planning, you need to first have an understanding of what an estate actually is. In short, an estate is all the property you own, real or personal. Therefore, offshore estate planning can include any of the following:
- Real estate
- Cars
- Household items
- Bank accounts
When engaging in offshore estate planning, you are essentially determining who will receive these goods when you pass away. Trusts and wills are commonly used for this purpose.
Trusts are often the preferred means for offshore estate planning because they help you avoid probate, which can be quite lengthy, complex and costly. Nonetheless, when you talk to the financial brokers at Pryce Warner, you can identify the best planning option for your unique situation.
When you seek the guidance of the financial brokers at Pryce Warner for help with your finances, you can take comfort in knowing that we pride ourselves on our professional service --- and our personal involvement in each and every account. Your best interests are always our top priority. Contact us today to see how we can best help you.
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