• Sally Herdman

How can I leave my £1.8m fish and chip fortune ...

to my loved ones, not the taxman?

David Leedhan, an entrepreneur from Bournemouth, paid high rate taxes for the most of his working life. Now, after retiring, he wants to ensure that the money he worked so hard for funds his travels and goes to his loved ones.

After selling his ‘chippy empire’ before retiring, he was left with a sizeable £1.8m estate, much of which would result in inheritance tax (IHT) after he passes.

IHT is a huge concern for many, particularly those with assets over £325,000 as anything over this amount is subject to a 40% tax. Some estate planning can be made whilst you are alive. Assets could potentially be gifted to beneficiaries before your death. This could prove extremely tax efficient in terms of inheritance tax, as assets are fully outside the Donor’s estate 7 years after the gift was made.

However, rather than gifting assets away absolutely, as this would mean that these assets will again be potentially at risk from things such as divorce and creditors, as well as adding value to the recipient’s estate, it would be wise to gift with the aid of Trusts. As well as planning during your lifetime, planning with Trusts can be made in preparation for death ensuring your loved ones are able to benefit from the inheritance you want them to receive.

With our professional knowledge, we can help you to set up the correct type of planning for your circumstances. Our expertise will ensure that your assets are both protected from attack and immediately available to your loved ones after you are gone.

To learn more call on: Tel: +44 7831 379562 (UK) or +34 622 374 738 (Spain), or email me at help@sallyherdman.com



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