The news that the Midlands is now home to 57,000 millionaires, an increase of 36% since 2010, is welcome news but a reminder that those with significant wealth should make sure they take the appropriate planning to ensure as much of their hard earned money is passed to their nearest and dearest.
Andrew Hasnip, Partner in the Private Client Team at The Wilkes Partnership says, “It is often the case that those working hardest to achieve significant wealth are those who often do not take the appropriate advice and put in place planning to ensure that that wealth passes to their loved ones in the most tax efficient manner. Under the new Conservative government the Inheritance Tax regime is becoming more generous but unless full advantage is taken of the various reliefs available it is still the case that the maximum that can be passed free of tax without any particular form of planning for a married couple remains at £650,000 and will do so for at least the next couple of years. Proper advice should be sought so that the clients can maximise the tax efficiency of their succession planning.”
Andrew continues, “Inheritance Tax planning is not merely the preserve of the millionaire. There are many who have still not put in place even the most straightforward of wills to ensure that their wishes are carried out rather than having their assets pass in accordance with the Rules of Intestacy whereby the state decides who receives all assets. Therefore it is good advice for everyone, particularly those with complicated family circumstances, to seek professional advice on putting a will in place.”
At the Wilkes Partnership, we have one of the leading inheritance planning and trust teams in the region, acting for nationally recognised, leading individuals. For further information, contact Andrew Hasnip on 0121 233 4333.