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Estate Planning & Inheritance

Leave your money to your loved ones - not the tax man...

Estate planning is often misunderstood as something that only very wealth people need to do in order to avoid paying Inheritance Tax.


However strong property prices mean that more and more estates are falling into the clutches of the tax man. Our advisers can review your circumstances and develop a sensible estate plan for you. 

What is Estate Planning?

Estate planning is the process of arranging your wealth, property, personal belongings and financial assets so that they can be passed on without paying unnecessary tax. An effective estate plan might require you to:

  • Spend more

  • Keep your will up to date

  • Set up a lasting power of attorney

  • Arrange a trust for loved ones

  • Gift some of your assets of wealth to your loved ones

  • Use insurance policies

Our advisers can help you to secure your legacy so it isn't taxed away. We can work with your accountant and solicitor to arrange and manage financial plans on your behalf.

Inheritance Tax

Everyone has £352,000 inheritance tax allowance and if you are married you have a combined nil rate band of £650,000.

From April 2017, an additional main residence nil-rate band was introduced. For the 2020/21 tax year the individual allowance is £175,000. To qualift the individuals main residence must be passed down to a direct lineal descendant.

If a persons estate value exceeds £2 million, the residence nil-rate band is reduced for £1 for every £2 over £2 million. Anyone with an estate values in ecess of £2.35 million will not be able to benefit from this additional main residence allowance.

Trust Planning

There are many types of Trusts available, and although each one is designed for specific purposes, their principal design is for the long-term protection of assets and estate preservation for future generations.

Trusts allow you to give away assets but attach terms that they must be dealt with in a certain way. The most common reason to set up a Trust is to provide for a child who will only receive access to the assets once they have reached a certain age.

At Longton FS we have detailed experience of using trust planning in the most effective and tax efficient manner to meet our clients own individual needs. If we can be of any help please get in touch.

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