Individuals insure cars and property as a matter of course, and there is generally a legal requirement to do so. However, insuring our own lives is often overlooked and death or disability can have a devastating effect, particularly on young families when one parent is not earning.
Average annual fees for day and boarding schools are £23,769, according to the independent school councils (ISC) 2018 census. If parents select a boarding school education right through, and we include both nursery and University education fees, the cost of educating a single child can be well over £500,000.
Inheritance Tax (IHT) is paid on all estates over a certain tax-exempt amount known as the ‘nil rate band’. The current nil rate band is £325,000 per individual and will be maintained at this level until at least April 2023. IHT is payable on all assets above the nil rate band at a rate of 40%.
At Rosan Helmsley, we work closely with all our client’s professional advisers. There is clearly a distinct overlap in working with our clients accountants and lawyers on their tax planning and legal affairs respectively. We can serve our mutual clients better through a common understanding of their affairs.