Inheritance tax and estate planning

When you've worked hard during your life, you want the wealth that you've created to benefit the people that are important to you when you are no longer around.

HB&O Financial Services' estate planning service will help you to structure your financial arrangements so that your assets pass to your beneficiaries in the most tax-efficient way. With inheritance tax (IHT) levied at 40 percent on estates above a £325,000 threshold, it is sensible to explore options to reduce future tax bills for your family.

For example, trusts are also a useful tool for reducing tax liabilities, whether created during your lifetime or by your will, by allowing you to give away assets to chosen beneficiaries in a tax-efficient and controlled way. They can also be appropriate where couples are not married or in a civil partnership or where arrangements for passing on wealth are made more complex by previous marriages where stepchildren are involved.

While minimising tax liabilities you need to retain enough capital and income to give you a comfortable standard of living. We can assist you in making provision for yourself and your partner that takes into account potential changes to your housing, health and care needs in later life.

We will also explore with you ways that people you trust can look after and make decisions about your finances if you become mentally or physically incapable of managing your own affairs due to illness, injury or old age.

After your death, we can assist your solicitor and executor with the settlement of your estate upon death or provide these services though our own trust and estate practitioner. We will also support your family at this difficult time and help them deal with any issues as they arise.