Tax, estate and succession planning

Protecting wealth for future generations

Effective succession planning is a delicate balancing act involving both personal legacy and tax efficiency. Technical legal advice is therefore essential to achieving the very best outcome, but so too is wise counsel. And that’s what Clarke Willmott has been building a reputation for, for over a century.

Our Private Client team is not only one of the UK’s largest and most experienced, but also one of the most personable. We give time and attention to every client, getting to know your individual situation in all its complexity as well as your personal priorities.

Our private wealth clients include individuals and families, landowners, businesses owners, entrepreneurs and others with interests in the UK and internationally. They trust our understanding of the law – and our expertise in putting it to work on their behalf.

The importance of succession planning

There’s a lot more to effective succession planning than simply making or updating your Will.

Having the right structures in place can ensure your estate delivers maximum benefit to your children, grandchildren and any other beneficiaries – taking into account the needs of first and second families, where appropriate and protecting those who are vulnerable.

When thinking about the future, it’s also vital to consider the present.

Structuring your wealth tax-efficiently doesn’t only matter to those who will one day inherit, but also to you in the here and now. That’s why we employ our expertise to help you protect the longer-term interests of your family while also retaining sufficient assets to enjoy a comfortable lifestyle now.

How our private wealth solicitors can help

Our team of private client solicitors is partner-led and hugely experienced across a wide range of disciplines, including:

Transfer of wealth

We can ensure that the transfer of wealth from generation to generation is effective, tax efficient and focussed on protecting long-term family prosperity.

Complex and specialist Wills

We specialise in drafting Wills for clients with considerable wealth and those with complex family situations. We can also advise on lasting powers of attorney and Living Wills.

Tax planning

We advise on all aspects of UK taxation including capital gains, income and inheritance tax planning, as well as tax matters relating to commercial and property transactions – including disposal of land and property assets.

Here are just a few examples of what we can do:

• Support family businesses with effective tax structuring
• Maximise your agricultural property relief (APR), business property relief (BPR) or entrepreneurs’ relief
• Planning for the impact of taxation on your estate and stopping the cascade of taxation for future generations
• Unlock the tax advantages of any charitable and philanthropic giving
• Preventing multiple taxation when you inherit funds from a loved one
• Advise you on any specific HMRC enquiries and on overall tax compliance
• Prepare income tax returns for individuals, trusts and estates

We also offer post-death tax planning, should your beneficiaries ever need us.

Creating and managing trusts

We are highly experienced in creating and managing onshore trusts, and advising on offshore trusts and their use in estate planning and commercial contexts. This includes advice on the creation and administration of trusts for recipients of personal injury compensation.

In addition, we can advise on alternatives to trust structures, for example family investment companies and family limited partnerships, where they might prove beneficial.

Family business succession planning

We have considerable experience in advising families on business succession planning and are adept in making the process as collaborative and stress-free as possible.

We recognise the specific challenges and priorities family businesses may encounter, depending on age and stage. For example, first generation businesses may need more hands-on guidance, while fourth generation businesses may benefit from a wider perspective.

All situations are unique and we are able to calibrate accordingly, making use of our expertise in the following areas:

• Tax efficient structures
• Retirement and family succession
• Exit and sale planning
• Family business agreements

Our aim is always to work with you and your other professional advisers to provide the most appropriate solutions – for you, your family and your business.

Farms, landed estates and rural businesses

Thought and foresight are vital qualities when passing on your assets to the next generation. This is one of the areas in which Clarke Willmott excels.

Our private client solicitors have a well-established reputation for supporting farmers, landowners and their families with insightful estate and succession planning.

We can advise on all aspects of wealth management, from overall tax efficiency (including the use of trusts) to specific legal aspects, such as maximising Stamp Duty relief and compliance with Annual Tax on Enveloped Dwellings (ATED).

We’ll always work closely with you and your financial advisers, accountants, agents or business consultants to protect the needs of all family members.

Why choose Clarke Willmott to protect your wealth?

• Breadth of experience and depth of knowledge
  • We have been advising individuals and their families for over one hundred years and our national Private Client team is now one of the UK’s largest
• More than solicitors
  • Our partner-led team includes certified accountants and chartered tax advisers and members of STEP (the Society of Trust and Estate Practitioners)
• A wealth of expertise to draw upon
  • We can easily tap into the skills of our land and property, commercial law and family law, and Court of Protection experts to ensure your succession plans are fully integrated
• An international perspective
  • We can offer sound advice on internationally held assets and on cross-border legal matters
• A genuinely bespoke service
  • Our service is responsive and highly personalised. We’ll work closely with you and your other professional advisors to deliver the kind of advice and perspective that can makes a real difference.

Contact a specialist tax and estate planning solicitor

For expert advice on any aspect of estate and tax planning, please contact our specialist team of private client solicitors on 0800 652 8025 or contact us online. We have teams based across the country in Bristol, Cardiff, Manchester, Southampton, Taunton, London and Birmingham.