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Beneficiary of Estate Planning

Trust, Estate and Family - 17 Feb 2016

Estate planning is often considered a sensitive subject, and is something that many people prefer not to discuss.  Though unfortunately, planning is essential to ensure wishes and plans can be implemented following death.

There are many planning opportunities in both the US and UK that can be put in place to provide peace of mind so that unfortunate events, including unexpected tax liabilities, can be avoided.

When planning is undertaken, consideration must be given to the tax status of the beneficiaries, especially if they have tax considerations in another jurisdiction. For example, a UK tax resident who will benefit from US domestic estate planning may very well face tax liabilities that a US resident beneficiary would not suffer. The same is also applicable for US persons that may benefit from what may be considered as standard UK focused planning.

In our experience, involving the next generation in estate planning can be extremely beneficial and can highlight issues that may otherwise not have been considered.

At Frank Hirth, we are highly experienced in working with individuals and families to provide tax advice and compliance services to design and implement effective estate planning strategies.  Our focus is to provide advice that is practical and planning that is flexible to take into account the ever-changing landscape which is future tax legislation.

We appreciate that this can often be viewed as a private matter with the individual considering the planning preferring not to divulge information to the next generation. Our experience in such matters means we are able to directly advise individuals, and their professional advisors, as to the impact the tax status of their beneficiaries may have on their own planning.

The difficulty is ensuring that individuals undertaking the planning understand the potential issues that may be caused by the tax system in another jurisdiction and the need to take appropriate advice.

If this is a situation that may be relevant to you, we would suggest that the point be raised with the individuals involved.

To discuss further, please contact our Trust & Estates Team:

Iain Younger                            David Foster                           
Private Client Tax Director       Private Client Tax Director      


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Iain Younger

Iain Younger


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