Accountants
An accountant's knowledge of a client's personal and business affairs, as well as inheritance and capital gains tax, makes them well-placed to help clients decide what to put into a Will or Trust.
Accountants should be consulted for major personal and/or business financial events, whether structuring your estate to minimise tax liabilities, protecting assets for future generations, supporting charitable causes, or ensuring business continuity and legacy. Your accountant and Will Writer (Private Client Consultant) are an ideal combination.
Additionally, it may be beneficial to set up a Trust, Powers of Attorney, and Letters of Wishes, especially if someone is being excluded or to provide guidance for pension schemes and life insurance policies.
Advisors who are more than bookkeepers are advised to ask their clients if they have Wills and powers of attorney in place and up to date.
We work closely with accountants to ensure your property and accounts are protected, tax-efficient and distributed as you wish.
We will consult with your preferred accountant; if you don't have one, we will introduce you to ours. We always check to ensure that the accountant's service, pricing transparency, and business ethics are as excellent as ours.
We welcome calls from clients or Accountants who would like to discuss how we can work together to provide excellent service and a holistic outcome.
Case examples.
🌿Inheritance and capital gains tax calculation.
A client called and explained that a solicitor processing a deceased family member's estate needed my client's Capital Gains Tax (CGT) calculation. The solicitor had told them they had 24 hours to provide the information or risk losing a significant sum.
This did not sound right to us, so we introduced the client to an accountant with vast experience in CGT. The accountant gave the client advice, which she took back to the solicitor.
The solicitor apologised and said the information for CGT was "nice, not needed" to have, and the inheritance amount would be processed without further delay.
The accountant did not charge for the advice as a favour to Fern Wills. This highlights how trusted professionals working together can solve a problem before it even starts or at least save the clients untold, distress and unnecessary costs.
🌿Partnership disputes & General Power of Attorney (GPA).
A family landscaping business had two partners: Father & Son.
The son had a significant personal disagreement with the father, spilling over and affecting the business partnership. The son refused to speak with the father or cooperate in any way. There was insufficient time to implement a revised partnership agreement or Business LPA. Recalling a previous case, the accountant contacted us. We could draft and professionally witness a General Power Of Attorney (GPA) and Letter of Wishes within 24 hours. This enabled another family member to speak on behalf of the son to ensure that accounts and contracts were up-to-date.
🌿IHT and potentially exempt Transfers.
Accountants speak with clients annually or more often if there is a significant change or high turnover business. When discussing assets, liabilities, and income, it is wise to consider future planning.
Consider the tax on your estate when determining what your beneficiaries will receive. Estates above £325,000 (or £650,000 for a married couple) may be subject to a 40% inheritance tax. Given certain conditions, an additional threshold of £175,000 can be used to pass on a family home to direct descendants. Gifting certain assets can reduce the value of your estate as long as it's done at least seven years before your passing. Inheritance tax rates are tapered if the gift was made less than seven years before death. Certain gifts are entirely exempt from inheritance tax. It's crucial to seek professional advice when making gifts as part of your estate planning due to the complex rules and exemptions related to inheritance tax.
