At BPE, the Private Wealth team works closely with our Property and Family teams to support you when making decisions about how best to manage your assets on purchase, throughout your lifetime or if there is a change in your personal circumstances.
We take the time to get to know you and understand your objectives so that we can put the planning and structures in places to support you in managing your assets. This often involves working with your existing financial advisors to minimise your tax liabilities and ensure that your assets can be passed on to future generations.
Our collaborative approach means that we work with a wide network of professional connections, from financial advisors and wealth managers to independent valuers and property professionals. This allows us to work proactively and helps us to create intricate and niche vehicles to structure your assets effectively.
As an individual or couple who have accumulated assets over time, you may now be thinking of how to protect them or to structure their transfer to your loved ones. Your primary asset is likely to be property, either the family home or a wider property portfolio, however you may also have a range of other assets to consider, such as art, vehicles, high value collectibles and antiques.
Our Private Wealth team are experienced in advising high net worth individuals with significant property portfolios and assets. We are able to construct trusts to protect your primary assets in the most suitable way for you. This could include putting money into trust which is then used to buy property for your children, preparing deeds of trust with passing beneficial interests in a property to family members, or setting trusts for the longer-term benefit of your family.
We will work with your financial advisors to establish your tax liabilities, as well as providing tax advice ourselves. There may be Capital Gains Tax implications if you sell property and your liability for Inheritance Tax will vary depending on your situation. Reviewing your full portfolio of assets with your other advisers will allow us to implement the most effective trust structure for your current and future needs.
We advise a range of clients from business owners and entrepreneurs to owners of significant properties and property portfolios, some with overseas elements. There’s very little that we haven’t seen, and therefore can help to protect your assets in the way that will be most beneficial to you.
The estate planning process involves reviewing your financial position and assessing how it provides for your needs, both now and in the future. At BPE we regularly advise clients with substantial and/or complex assets and needs to achieve their goals. This includes considering how both personal and business assets are managed currently and advising on the most appropriate structures going forward.
Working with your other professional advisors (including accountants, financial or wealth managers), we will review how your assets are held and managed. We will recommend the most appropriate vehicles for holding assets and how to pass them to future generations depending on your current stage of life and your future aspirations.
A starting point for this will be reviewing your Will (or drawing one up if you do not have a valid one in place) to ensure that your wealth is passed on to your intended beneficiaries correctly. We can also review any existing trust structures to make sure that they are suitable vehicles for current or future planning or put the appropriate structures in place.
We will inform you of potential tax liabilities including Capital Gains Tax (CGT) - incurred on the sale of an asset if sold at a profit - and Inheritance Tax (IHT). Using our experience of advising individuals with significant assets and portfolios, we can minimise your exposure to tax and ensure effective use of tax-free allowances. This could include making sure that your Will is drafted so that assets are left in the most efficient way and the use of Trusts to ensure that a partner benefits from an asset during their lifetime (but that the asset itself is ultimately passed on to your children or other beneficiaries) whilst also being tax efficient.
Effective estate planning will support both your short- and longer-term needs. You may be in a position where you are able to make more significant gifts to charity, which may help your tax position. You may also want to consider leaving a charitable legacy of a particular item or asset in your Will. BPE are able to advise you on the best way of doing this.
Looking to the longer term, we can work alongside your existing financial advisors and accountants to ensure that your assets will provide you with the income and lifestyle you are aiming for as you plan for retirement.
Many of our clients have a multijurisdictional estate with property and assets both in the UK and overseas. Building longstanding relationships enables us to continually understand your situation despite it changing over time. We often support business owners and entrepreneurs on more complex and high value planning, enabling them to exit at a time to suit them and to move on to the next challenge, be that winding down or a brand-new venture.
Our personalised service means that we combine expertise, sensitivity and discretion to support clients whatever their need, and are proud to have client relationships which extend over decades.
