Expert Trusts & Estates Accountants
Protecting wealth for future generations
Estate Planning allows you to have full control over what happens to your assets. By planning ahead, you can provide for your family, minimise tax liabilities, and avoid any potential disputes.
Trusts can be a fantastic tool within your estate plan when used correctly. They offer flexibility and control over how your assets are used, and they can provide significant tax advantages. Trusts do require ongoing management including compliance with legal and tax obligations.
Our dedicated team of Wealth Managers and Tax Advisors have decades of experience helping clients with Wills, Trusts, Asset Distribution, Inheritance Tax Planning, and Business Exit Planning.
We offer a comprehensive Estate Planning service throughout Nottinghamshire and throughout the UK and we pride ourselves on building long-term relationships with our clients.
How can RWB help?
We can help you choose the most effective trust structure dependent on your specific circumstances.
We can manage the day to day administration of the trust and its annual tax and accounting requirements.
We can have an active role within the trust through RWB Trustees Limited should you wish.
We can also manage the winding up of a trust once it has come to the end of its usefulness.
Trusts have some complicated tax rules and we can help you with these, such as: -
• Personal tax return requirements
• Inheritance tax returns
• Capital gains tax computations
• 10 year reporting rules.
Why choose RWB?
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We have decades of experience in helping clients with a full suite of accountancy services. Our diverse and dedicated team specialise in everything from Personal Tax and Corporate Accounts to Inheritance Tax Planning and Forensic Accounting.
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We are governed by the ICAEW, which has the highest standards of integrity and ethics.
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We have a rigorous protocol: all completed work is checked by your dedicated client manager and then again by one of our directors
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Our meticulous procedures significantly reduce the risk of anything being missed or completed incorrectly.
What our clients say
“The whole team is very efficient and responds to any questions or queries immediately. We are very happy with the service.”
— Mrinal
“This is my 41st year as a client of RWB or its predecessors. The service has always been superb and, even better, friendly.”
— James
“Nick Bonnello and the team have always been on hand to offer excellent advice and guidance at every step of the way. I can’t recommend them enough!”
— Dan
Contact us
Would you like to learn more? Our team are happy to help!
FAQs
What is Inheritance Tax and who needs to pay it?
Inheritance Tax is levied on the estate—comprising property, money, and possessions—of someone who has passed away. Typically, the rate is 40% for assets exceeding the £325,000 nil-rate band. With our expert planning, you can often reduce or even eliminate this tax burden.
How can I legally reduce my Inheritance Tax liability?
You have several options which can help reduce your Inheritance Tax liability:
Gifting Assets: Assets given away at least seven years before one's passing are often exempt from Inheritance Tax.
Using Trusts: Assets moved into a trust can be excluded from your estate.
Business & Agricultural Reliefs: There is up to 100% relief available for business and farmland owners.
Leaving Assets to Spouses or Charities: Transfers to spouses or civil partners are tax-free, and gifts to charities are exempt from Inheritance Tax.
What happens if I don’t plan for Inheritance Tax?
Without strategic Inheritance Tax planning, your estate could incur a 40% tax charge, diminishing your beneficiaries' inheritance. Proper planning ensures more of your wealth remains within your family.
What is the Residence Nil-Rate Band?
If you are passing down a primary residence to children or grandchildren, the Residence Nil-Rate Band provides up to an additional £175,000 of tax-free allowance per person, effectively lowering your Inheritance Tax liability.
How do Trusts work as part of Inheritance Tax planning?
Trusts are powerful tools for estate planning:
They help in reducing Inheritance Tax by excluding assets from your estate.
They enable you to provide for your loved ones responsibly.
They protect assets from potential divorce settlements or financial mismanagement. Our team advises on suitable trust types, including Bare Trusts, Discretionary Trusts, and Interest in Possession Trusts.
Are there tax benefits to leaving money to charity in my will?
Yes, charitable contributions are exempt from Inheritance Tax. Additionally, donating 10% or more of your estate to charity reduces your total Inheritance Tax rate from 40% to 36%.
Are lifetime gifts always tax-free?
Not necessarily. While gifts are Potentially Exempt Transfers and can become tax-free if you survive seven years after making them, those exceeding the nil-rate band within this period may incur an Inheritance Tax subject to taper relief.
Can I use life insurance to cover Inheritance Tax?
Absolutely. Holding a life insurance policy in trust can provide a financial safety net to cover Inheritance Tax, ensuring your heirs won’t need to liquidate assets to meet tax demands.
What’s the difference between a Will and a Trust for estate planning?
A Will dictates the distribution of your assets posthumously, whereas a Trust offers both lifetime and post-death asset management, providing increased control and potential tax benefits. Many estates can benefit from using both.