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Estate Planning
“…in this world nothing can be said to be certain except death and taxes…” Benjamin Franklin
Estate Planning like Life Assurance is something most people are reluctant to address as it deals with the inevitability of death. However, it is something that must be considered as many countries impose hefty inheritance taxes on estates and these can have a devastating effect on families at a time when they are most vulnerable.

Furthermore, after a lifetime of taxes, failing to take the appropriate measures may well result in a large percentage of your net worth disappearing in Inheritance Tax rather than going to your loved. Fortunately, with a few simple changes to how assets are held, Inheritance Tax can be mitigated and in certain cases avoided altogether.

ICHOR Partners has assembled a panel of professional advisers made up of international tax lawyers, accountants and Trust companyies in order to ensure that our clients receive the very best advice.

The cornerstone to Estate Planning is the establishment and regular review of a Will. A Will allows you to specify who will benefit from and to what extent from your estate. It is important to note that the Will covers everything you own not just cash, but real estate, investments, and personal acquisitions.

• Should you die without a will everything you own will be shared out in a standard way as defined by the law, which is seldom what you would want.

• A will can help reduce the amount of Inheritance Tax that may be payable.

• Wring a will is essential if you have children or other family who depend on you, or where you wish to leave something to someone outside of your immediate family.

Trusts are not just for the “super rich” nor are they as complicated as you may imagine. Trusts are in fact a simple and cost effective way of minimising tax liabilities and protecting your family’s wealth for the benefit of future generations.

• By transferring ownership of assets whilst you are alive for example the proceeds from a life assurance policy it is possible to ensure that the proceeds remain outside of your estate for tax purposes.

• Consolidation of assets into one single offshore trust for example if you several homes in more than one country.

• Succession planning for example if you want to leave assets to a grandchild until they are old enough to treat it responsibly or to provide a regular income to your spouse during their lifetime.
Inheritance Tax Planning

Inheritance Tax can cost loved ones hundreds of thousands in the event of your death, however it is possible to avoid much if not all of this by planning early. Whilst not all countries have Inheritance Tax it is important to note that this tax is not necessarily dependent of where you reside at death. For example British expatriates are subject to Inheritance Tax on their world wide assets if they are deemed UK domiciled. Whilst Inheritance Tax advice will vary depending on your personal circumstances in general the following steps can help;

• Write a Will.

• Establish exactly what your liability is to Inheritance Tax.

• Take advantage of any exceptions that apply.

• Make gifts.

• Identify assets that can be given away free of Capital Gains Tax .

• Take out Life Insurance to cover potential Inheritance Tax bill

• Use Trusts.

• Preserve access to Income