Estate Planning

At Magenta we help clients to build plans for their future security and happiness and this includes thinking about how you can mitigate tax and maximise the legacy you leave to the next generations. This is usually referred to as Estate Planning.

What is Estate Planning?

Your estate is comprised of everything you own— your car, home, savings, investments, life insurance and personal possessions. Everyone has an estate and……….you can’t take it with you when you die!

Estate planning involves making a plan in advance, to control how your things are given to the people you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.

Estate planning is for everyone

It is not just for “retired” people, although people do tend to think about it more as they get older. Unfortunately, we can’t successfully predict how long we will live, and illness and accidents happen to people of all ages.

Estate planning is not just for “the wealthy,” either, although people who have built some wealth do often think more about how to preserve it. Good estate planning often means more to families with modest assets, because they can afford to lose the least.

Too many people don’t plan

Individuals are put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think about it. Then, when something happens to them, their families have to pick up the pieces.

The best benefit is peace of mind

Knowing you have a properly prepared plan in place – one that contains your instructions and will protect your family – will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.

The good news is, we have put together a tool kit with ideas to help you get started.

In our toolkit we have included tips and guidance that will enable you to:

  • Determine how much Inheritance Tax your estate may be liable to
  • Have a good understanding of the Inheritance Tax thresholds
  • What tax free allowances you can utilise
  • Understand gifts and limits
  • Organise your financial future
  • Be financially secure
  • Pursue your life goals without worrying about money
  • Be happy

We are also offering a free 30 minute Magenta Estate Planning telephone call, offering both financial planning guidance and a friendly ear, if you need support.