FINANCIAL NEWS

Role of debt in estate planning

Avoiding unnecessary complications for your loved ones

One of the initial steps in estate planning is to evaluate your financial liabilities. It is crucial to recognise that debts do not vanish upon death; they must be settled from your estate. Maintaining a thorough and accurate record of your outstanding obligations enables the executor of your Last Will to manage your estate efficiently, thereby avoiding unnecessary complications for your loved ones.
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Proactive approach to managing family wealth

Legally reduce the portion of your assets lost to taxation

Organising your affairs for when the inevitable occurs can provide significant peace of mind as you age. A proactive approach to managing family wealth, particularly in minimising exposure to Inheritance Tax, is essential for safeguarding your legacy. Without adequate planning, families may encounter substantial financial burdens, but various strategies exist to legally reduce or even eliminate this tax.
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Intergenerational wealth transfer

Preserving a family’s legacy, values and lessons learned over a lifetime

Passing on wealth to the next generation is about more than money. It’s an opportunity to preserve a family’s legacy, values and lessons learned over a lifetime. By engaging in strategic planning, you can reduce the burden of taxes while ensuring your heirs are well-prepared to step into their roles as custodians of your legacy.
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Residence Nil Rate Band

Extra tax-free allowance introduced on 6 April 2017

The Residence Nil Rate Band (RNRB) is an extra tax-free allowance introduced on 6 April 2017. It is applicable to estates where a residence or its value is inherited by the deceased’s direct descendants, including children or grandchildren. For the 2024/25 tax year, the maximum RNRB is £175,000, which offers relief to those whose estates surpass the £325,000 Nil Rate Band (NRB) threshold for Inheritance Tax.
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Lifetime transfers and the seven-year rule

Valuable opportunities to strategically reduce your estate’s tax liability

Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs) broadly define gifts made during an individual’s lifetime. Their classification depends on the nature of the gift and the recipient. It is equally important to note that some lifetime transfers are exempt, meaning they are not subject to tax.
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Making a Will

A pivotal component of estate planning

Your Last Will and Testament is an essential document that clarifies and controls how your estate will be handled after your death. It allows you to make detailed decisions about who should inherit your wealth, ensuring that your wishes are carried out smoothly and effectively.
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Preparing a Will

Peace of mind and clarity for your loved ones during challenging times

Preparing a Will is an important step in ensuring that your assets are distributed according to your wishes after your death. It offers peace of mind and clarity for your loved ones during challenging times.
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Integrating a Power of Attorney

Safeguarding your wishes, maintaining control and providing certainty

Estate planning encompasses much more than merely deciding who inherits your assets. It serves as a means to safeguard your wishes, maintain control and provide certainty for your loved ones. One of the most vital components of an estate plan is the inclusion of a Power of Attorney (POA). This legal document ensures that a trusted individual is authorised to make crucial decisions on your behalf when you are unable to do so.
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Private pensions inherited by beneficiaries will no longer escape IHT

How the changes to private pensions could impact your legacy

For years, private pensions have offered a tax-efficient way to pass on wealth to loved ones. Currently, any money left in a private pension fund upon death is exempt from Inheritance Tax (IHT). However, this long-standing benefit is set to end. Following announcements by the Chancellor of the Exchequer, from April 2027, private pensions inherited by beneficiaries will no longer escape IHT.
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Vital steps in effective estate preservation

How to ensure your hard-earned prosperity benefits future generations

Many of us work diligently to achieve financial independence. Whether it stems from years of hard work, savvy investments or an inheritance, building wealth is an accomplishment to be proud of. However, with this achievement comes a responsibility – to ensure your hard-earned prosperity benefits future generations without being severely diminished by taxation, particularly Inheritance Tax (IHT).
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Contact us

D O'Kane Financial Services Ltd
137 High Street
Gorleston, Great Yarmouth
Norfolk NR31 6QX

t: 01493 604646
e: info@dokanefinancialservices.co.uk

Regulatory information

D O'Kane Financial Services Limited is authorised and regulated by the Financial Conduct Authority. FCA financial services reg no. 623871.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on their website at www.financial-ombudsman.org.uk.

Registered Office Address: 137 High Street, Gorleston, Great Yarmouth, Norfolk NR31 6QX. Company Registration Number: 08932631.