You will be aware that , as a couple (including registered civil partnerships), the first £600,000 of your estate is free of Inheritance Tax (IHT) on your death. However, you may not be in a position to reduce your taxable estate by taking advantage of the current regime for lifetime gifts, where no IHT is charged on gifts (for example, made more than seven years before death). Indeed, even if you are in such a position, you may feel that financial protection for each other is the priority or that the children are not yet ready to receive significant payments.

This plan helps ensure your family is taking full advantage of and formally documenting recognised WILL and TRUST structures available to you under today’s legislation and addresses this dilemma.

The plan provides the following benefits:

• The completion of two Wills, including any Trust requirements around the efficient administration of the transfer of up to £600,000 tax-free to the next generation
• To plan so that up to full value of your estate (there is no limit) at the first death is IHT-free about eight years later.
• To provide for the remaining spouse to have full access to the full value of the estate not immediately transferred to beneficiaries.
• IMPORTANTLY, to give the family the option of a facility to protect any wealth transferred (after the second death) from future creditors, estranged spouses, or opportunists.

The plan will take account of your home or other property, not just cash and investments.