Wealth Management
RWB Wealth Management specialises in providing financial planning, advice, and wealth management services to business owners and high-net-worth individuals. We pride ourselves on building long-term relationships with our clients.
Our Financial Planners work closely with you to understand your financial situation; we take time to understand your personal objectives and, ultimately, what matters to you most. We then support you to build a wealth strategy which is tailored to your specific needs.
Estate and Inheritance Tax Planning
It’s not easy to think about death, yet preparing a roadmap for the future of your assets is essential. Without a solid estate plan, the government will decide where your assets will go; this can leave your loved ones with hefty inheritance taxes as well as having to make tricky financial decisions while they are grieving and vulnerable.
Q: What do Amy Winehouse, Picasso and ‘The Artist Formally Known as Prince’ all have in common?
A: They all died without creating a will or a plan for their estate, leaving behind a fortune. In the case of Picasso and ‘Prince’, their family members fought over their estate for years. Picasso was so superstitious that he avoided the topic of illness or death altogether.
Estate Planning allows you to have full control over what happens to your assets. By planning ahead, you can provide for your family, minimise tax liabilities, and avoid any potential disputes.
Our dedicated team of Wealth Managers and Tax Advisors have decades of experience helping clients with Wills, Trusts, Asset Distribution, Inheritance Tax Planning, and Business Exit Planning.
We offer a comprehensive Estate Planning service throughout Nottinghamshire, Leicestershire, and the UK.
We pride ourselves on building long-term relationships with our clients, which can be really helpful in these difficult moments.
“ I always advise clients to start planning in the middle of their lives. This ensures that they can make the most of all available tax exemptions “
Why choose our Wealth Management team?
We are fully regulated
As Chartered Accountants, we are governed by ICAEW (Institute of Chartered Accountants for England and Wales). Our Certified Advisors undergo extensive training, and we abide by the strictest ethical code.
All of our Financial Planners possess an FCA-accredited Diploma in Financial Planning, and so are qualified to provide regulated financial advice.
If you would like to cross-check our regulatory status on the FCA register, please click here: https://register.fca.org.uk/
We stay informed
It’s our job to stay informed about the ever-changing tax legislation and fluctuating global markets to ensure that your investment or pension remains the most beneficial option for you.
Nine strategies to make your will more tax efficient
As a leading Chartered Accountancy practice in Nottingham, we have helped hundreds of people create solid financial plans that will save their families thousands of pounds in losses.
Although this very much depends on your individual circumstances, here are some of the ways we help our clients ensure that their loved ones are the main beneficiaries of their hard-earned income.
“ Most of our clients feel a tremendous sense of relief once they have a plan in place “Richard Bonnello
Make use of gift allowances
The Annual gift exemption in the UK (£3,000 per year) not only reduces the value of your estate for tax purposes but enables you to see your loved ones enjoying their inheritance. If you have surplus income, you could also consider taking advantage of Potentially Tax-Free Transfers (PETs) where possible. This means that any asset gifted will be exempt from inheritance tax if the giver survives for seven years after making the gift. We can help you understand the allowances and how to make the most of the incentives available while balancing out your own retirement needs.
Make use of your spousal allowance
Married couples can make use of these allowances. Providing that your partner lives in the UK, any transfers you make between you both are exempt from Inheritance Tax on first death. In addition to this, you are also able to transfer your nil-rate Inheritance Tax Exemption to your surviving spouse or civil partner.
Setting up a Trust
Trusts can be a fantastic tool within your estate plan when used correctly. They offer flexibility and control over how your assets are used, and they can provide significant tax advantages. Trusts do require ongoing management including compliance with legal and tax obligations.
Pensions and ISAs
We can help our clients consider the tax implications of passing on their pensions and/or ISAs, as some may be more tax-efficient than others. If there is a significant age gap between you and your partner.
Writing Life Insurance Policies in Trust
Where possible, we also advise our clients to write their Life Insurance Policy in Trust as this prevents the payout from your death forming part of your estate, potentially saving 40% in Inheritance Tax.
The step-up in basis
This is a UK tax provision that allows assets to be revalued to their market value at the date of death for capital gains tax (CGT) purposes. This is especially beneficial for assets like stocks and houses, which can significantly increase in value over time. Instead of using the original purchase date of the assets, beneficiaries can rely on the date they inherited them to establish the cost basis. We help our clients assess which assets have significantly increased in value over time and, therefore, which will most benefit from a stepped-up arrangement.
Residence Nil Rate Band (RNRB)
If you are passing your family home onto direct descendants, then you can also benefit from an additional allowance which is currently up to £175,000 per person
Business and Agricultural Relief
It is possible for our clients to gain up to 100% relief from IHT for qualifying business assets or agricultural property.
Gifts to Charities
Gifts to charities are also exempt from IHT. If you leave at least 10% of your net estate to charity, you can reduce the overall IHT rate on our estate.
Our top 5 tips for Estate Planning
Plan early
The best thing you can do for your family is to sort out your estate during your lifetime. This not only means that you are covered in all eventualities but it allows you to benefit from the tax incentives of creating a robust pension plan, especially if you’re a business owner. From ensuring that you have the most tax-efficient exit strategy for your business, to the gifting of various assets ahead of the seven-year rule. However, it's never too late to start planning.
Ensure that your Will is tax-efficient
From Lifetime Gifts to Spousal Allowances to the ‘Step up in basis’, there are so many ways that we can help you make the most of all available exemptions to ensure that your main beneficiary is your loved ones rather than the tax office.
Consider the use of Trusts
A Trust is a legal arrangement where assets are held and managed on behalf of the beneficiary by a Trustee. There are several types of Trust available which can provide significant tax advantages while offering both flexibility and control over your assets. However, the Trust does need to comply with legal and tax obligations, so discuss this with your Chartered Accountant.
Writing Life Insurance Policies in Trust
Where possible, we always advise our clients to write their Life Insurance Policy in Trust as this prevents the payout from your death forming part of your estate. This will potentially save your family from paying 40% of the value of this policy in Inheritance Tax.
Be open with your family and stand firm in your decision
We always encourage open and honest communication with family members and/or relevant parties when drafting a will. This transparency helps prevent misunderstandings in the future and ensures everyone knows your intentions. We understand that this can sometimes cause disagreements, which is why clients often ask us to be an Executor so that we can mediate on their behalf. Often, our clients just need reassurance that they’re doing the right thing, and then they are able to stand firm Our clients often express a real sense of gratitude for turning what could have been a contentious family argument into a constructive discussion.
Together, we can create a comprehensive estate plan that provides peace of mind for you and security for your loved ones. Reach out to us for a free consultation.
Richard Borrington
Richard Borrington has been helping hundreds of clients with financial planning and investment advice throughout Nottinghamshire, Leicestershire, and Derbyshire for over twenty-six years. Richard’s career in Financial Services began after graduating in 1998. He is a founding director of RWB Wealth Management Ltd., a Financial Planner who joined David Booler & Co in early 2008, becoming an associate of the firm in 2013 and a Partner in 2016.
07912 308312
rborrington@rwb.uk
Nick Bonnello
Nick Bonnello has over 28 years of experience as a Chartered Accountant and specialises in business lifecycle planning. He has helped numerous businesses across Nottinghamshire, Leicestershire and Derbyshire, as well as throughout the UK.
0115 9648860
nick@longleys.co.uk
Richard Bonnello
Richard Bonnello has over 50 years of experience as a Chartered Accountant and has helped hundreds of clients across Nottingham with retirement planning, Trusts and Estates.
0115 9648860
RichardB@rwbca.co.uk
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