Estate Planning is a broad concept which can in fact be summarised as planning what is to happen to your assets in the event of your death, and should begin right now. It is never too early to start thinking about what is to happen with your wealth. That way, you stay in control!
Will or living will
We will be happy to advise you when drawing up your will to make it as tax efficient as possible. This requires taking a long-term view and putting it down in writing well. Regularly updating a will can considerably reduce inheritance tax for the beneficiaries.
We can also advise you on drawing up a living will. Giving other people power of attorney in advance, in the event of your no longer being able to do so, will put your mind at rest and that of those around you. But it also ensures that matters can continue as before.
Marriage settlement (and divorce)
Drawing up and updating a marriage settlement is essential, certainly for business-owners or wealthy individuals. Do you know what you have agreed and what the effect of new regulations will be?
We can also assist you in the unfortunate event of a divorce, but the financial aspect is not all that is needed! Watermill Tax & Advisory pays attention and is always an accessible contact for you or your partner.
“It’s better to give your money away while you’re still alive” is an often-heard statement. And it is true. We can look at a gift plan with you. Making use of the many available exemptions associated with gift tax requires the right approach, but there are also other matters we can include. We call that ‘really’ solving the problem, because if your wealth continues to grow, we will have to continue transferring. Perhaps we can reverse the growth now?
At Watermill Tax & Advisory we like to help you to devise solutions!
Would you like to give to charity, or perhaps even set up a charitable foundation yourself? Perhaps you possess valuable items for which you would like to set up a museum?
There are all sorts of tax schemes that make giving an attractive option. We will gladly help you create the best possible structure.