Author: Saara Patel

Making gifts to your loved ones is a generous act, but without careful planning, it can have unexpected tax consequences. Inheritance Tax (IHT) is a complex area that many people overlook, leading to potential financial burdens on their beneficiaries. (Read Time: Approx. 4 minutes) Topics Discussed: Gifts and Inheritance Tax: An Overview When planning to…

Trusts might seem out of fashion, but they remain a crucial tool for managing wealth and minimising tax bills. If you’re keen on protecting the wealth you’ve diligently built over a lifetime, trusts could be an indispensable component of your financial strategy. (Read Time: Approx. 4 minutes) Topics Discussed: What Is a Trust? A trust…

Amid mounting scrutiny, the Financial Conduct Authority (FCA) is fast-tracking its investigation into the motor finance sector, with chief Nikhil Rathi signalling a significant likelihood of uncovering irregularities. This move has sent ripples through the financial markets, affecting investor confidence and bank valuations alike. (Read Time: Approx. 2 minutes) Topics Discussed: Financial Tremors and Wider…

Dubbed the ‘avocado generation’, millennials stand on the brink of becoming the wealthiest demographic in history, inheriting substantial assets from their parents. For some parents, they may consider passing on their assets early – here are pivotal considerations to bear in mind. (Read Time: Approx. 5 minutes) Topics Discussed: Despite common stereotypes painting millennials as…

In the wake of a loved one’s passing, the quest for a grant of probate is a crucial step, marking the commencement of managing the deceased’s estate. This legal document empowers executors to distribute the estate according to the deceased’s will. However, the journey to securing this crucial piece of paper is fraught with challenges,…

Understanding Inheritance Tax (IHT) planning is essential for anyone looking to safeguard their estate for future generations. This guide provides a checklist for taxpayers to consider when strategising their estate planning and ensuring that their legacy is passed on in the most tax-efficient manner. (Read Time: Approx. 3 minutes) Topics Discussed: Understanding Inheritance Tax Basics…

This is a question one of our clients asked us, and it’s certainly an important one. The impact of an owner’s death on a business is largely determined by the structure of the enterprise left behind. From sole traders to limited companies and partnerships, the aftermath varies, emphasizing the need for planning. (Read Time: Approx.…

Recent insights reveal that HM Revenue & Customs (HMRC) is intensifying its scrutiny on inheritance tax compliance, with more than 2,000 families under investigation in this tax year alone. This heightened vigilance by the tax authority underscores a crucial message: the importance of astute estate planning and the pitfalls of underestimating inheritance tax obligations. (Read…

The allure of DIY Wills and online templates is undeniable in today’s digital age. With promises of ease, speed, and cost savings, many are tempted to bypass professional legal guidance in drafting their last Will and testament. However, this convenience can come at a significant cost, as illustrated by the sobering legal disputes that arise…

Navigating the complexities of estate administration can be daunting, especially with missing beneficiaries. While in most instances, beneficiaries might be easily identified and reached, there are situations that can prove challenging. Let’s delve into these scenarios and explore the recommended actions. (Read Time: Approx. 3 minutes) Topics Discussed: The Challenge of the Unknown Beneficiary In…