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Passing on your assets

Family DNA

Passing on your assets tax efficiently

Hard earned wealth is at risk of being eroded by taxation and moving outside the family. There are many steps you can take to preserve and protect family assets, here are just a few of the precautions that you can implement with the help of Wellers Wealth.

Using a trust in your Will

When assets are distributed to beneficiaries absolutely, these assets are then considered to be part of the beneficiary's estate and would be at risk of attack from any future divorce settlement, creditors and taxation. With our strategic use of Trusts, we can ensure that your family are able to benefit from the inheritance that you want them to receive, with the maximum possible protection available to you.

Unmarried couples

If you are not married to your partner you may want to ensure that your children from the relationship inherit as much as possible from your estate. By putting all of your wealth on your death, into an appropriate Trust, you can ensure that your partner has access to the funds in your trust, whilst preserving those assets for your children’s future benefit, whilst avoiding the double taxation that you would otherwise incur, if you left everything absolutely to your partner and then to your children. This also eliminates the risk of losing those assets to any new partner that may come into your ‘loved ones’ lives.

The flexibility of this type of arrangement enables you to appoint trusted advisers as Trustees to manage your financial and family arrangements after your death, guided by your Letter of Wishes, which should detail how you wish individual members of your family to benefit from the Trust fund.       


Tax efficiency for business and personal assets

With the appropriate use of Trusts within your Will, it is possible to ensure that your business is structured so that it does not become liable to Inheritance Tax, upon your death.

We will examine your business accounts for the last two years to determine whether your business currently qualifies for 0% Inheritance Tax and if it does not, we will discuss with your elected accountant ways of possibly restructuring your business, to ensure that it does qualify.

With the appropriate use of Trusts, it should be possible for your entire estate to be protected from Inheritance Tax, on the first death and tax mitigated on the second death. Via these means, your entire estate will be ring-fenced against potential attack from other family members, your chosen beneficiary's spouses and their creditors.

Tax efficient strategies to benefit the beneficiaries of the Family Trust

Our Trust and Tax specialists are available to discuss your wishes and will be able to advise you on the most tax efficient strategy to achieve your objectives.

There are a number of different types of trust which have different tax consequences and practical implications depending on your objectives. Our specialists will discuss the most appropriate trust for your circumstances. Trusts are an excellent vehicle to manage complex family situations. They can be used for asset protection during your life and the lives of your loved ones. They can be used to ensure only the people you want to benefit are eligible for distributions. Used strategically, they also provide excellent opportunities to save inheritance tax through the generations.

Property portfolios

Speak to our tax and legal specialists to discuss with you the most appropriate vehicle for your property portfolio. We will consider all options and if felt appropriate look at the most tax efficient ways of changing or restructuring this vehicle.  We will consider all the various tax reliefs to mitigate and avoid the various taxes including stamp duty land tax.  

For tax or trust issues requiring expert advice

Whether it is a matter of personal wealth or structuring business assets and taking income you can talk to Wellers Wealth for practical, actionable legal solutions.

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Whether you are a financial advisor, legal advisor, accountant or a member of the public, tax and trust law may well impact you and open up opportunities and possibly create risks. Our regular technical newsletters explain how existing legislation works and what any changes to it may mean. To keep in the loop, sign up to receive our newsletter.