Making a Will

A Will states how the person’s estate should be executed after death. Simply, a Will is a legal document that mentions who will receive what proportion of the deceased’s estate. As mentioned above, Will possesses legal binding, but it should be prepared carefully and under strict conditions so that its legality remains intact.

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Inheritance Tax

The inherited estate does not come without its tax implications. The distribution of estates among the heirs and applying inheritance tax rules is seriously complicated and requires specialist knowledge and expertise. Inheritance tax, in general, cannot be calculated using a default format because of the different types of assets involved and complex family structures.

Computing Inheritance tax bill and claiming necessary allowances and reliefs is an art, not a science, such as making charity donations, leaving the estate to the spouse, putting assets into a trust, giving gifts, paying into pension funds so on.

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Disclaimer

Retirement Planning

Everyone wants to have a good and stable life after their retirement and enjoy a radiant life; here starts the need for a retirement plan. A good retirement strategy determines an optimum time for retirement and minimises the impact of excessive taxation on the money saved for a later age, such as a pension fund. Failure to set a retirement plan beforehand can lead to heavy taxation and reduced funds available.

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Trusts and Estates

Estate is the wealth left by an individual for their beneficiaries. Estate planning ensures a smooth transfer of the estate to the beneficiaries or heirs and minimises tax liability. Estate planning, therefore, is concerned with inheritance and related tax rules. If not managed well, beneficiaries may bear heavy charges in the name of inheritance tax. Managing the estate may include determining the assets, setting up a Trust, identifying the trustees, making Will, and appointing Executors and Guardians.

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Estate Planning Services

Estate Planning is a process of managing a person’s estate such as houses, cars, other assets, and financial obligations upon their death in case of incapacitation. Estate planning can serve many reasons, such as providing the estate for the heirs or the surviving spouse, making a charitable donation, or preserving assets and wealth. Care Accountancy can advise you on different aspects of estate planning according to your circumstances and the implication of laws and regulations on your wealth.

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Business Succession Planning

While the business journey is still on, it is not unusual for a business owner to decide that it’s time to take a back seat and let the next generation take over the role he has successfully run for so many years. This process called succession planning is not as simple as it may seem; as passing on the role to the next generation and identifying as to who will be the most fit-out of several choices to succeed in one or several positions require good judgment, understanding, and a lot of decision making.

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