Wealth management
In order to ensure we offer a complete service to our clients we are pleased to offer in-house consultancy and administration services on a wide range of financial planning aspects, in partnership with Independent Financial Advisors. Our specialists spend time with each client identifying their needs and developing an appropriate wealth management strategy to meet those needs.
Wealth Services
At Hamill McIlwaine we can help you grow and protect your assets and facilitate their transfer among family and heirs. We will help you develop clear wealth management goals and establish a concrete plan for attaining them.
Our Wealth Management Services focus on wealth creation, wealth management and wealth retention and include:
• Pension Planning
• Personal Insurance Protection
• Estate and Inheritance Tax Planning
• Investment Planning
• Planning through the use of Trusts
• Retirement Planning
Estate & Inheritance
Unfortunately, planning for death is essential. However our approach will take you through all financial aspects you need to be aware of to ensure that you have made adequate provision for family and friends who survive you. The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we will die, this means making the necessary provisions now. In most cases we would recommend working with you and your solicitor in this planning to ensure that your will is drafted according to the agreed plan.
The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Although due to the rate of change in taxation it is vital that all plans and wills are regularly reviewed. It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight and a detailed knowledge of the tax regime.
We will be able to help in such areas as:
• Help with drawing up and reviewing your will
• Making full use of exemptions and lower tax rates on lifetime transfers
• Optimising lifetime transfers between spouses
• Transferring agricultural or business property
• Transferring assets into trust
• Arranging adequate life assurance to cover potential inheritance tax liabilities
Personal Tax Planning
With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.
We are the tax specialists. We can provide you with year round tax advice on:
• Income tax
• Capital Gains tax
• Inheritance tax
• Trusts and estates
• Non-domiciliary tax issues
Retirement Strategies
Everyone’s wants and needs for retirement are unique to them. Whether it involves passing on the family business, selling assets or considering pensions, important decisions need to be taken. Forward planning and careful consideration of your options are key to making the right decision.
If you are in business, the first thing you need to consider is your retirement strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? The answer to these questions result in very different tax issues. If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?
Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?
Do you have the right balance between savings and investments, and between high and low risk exposures?
Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse in your later years?
Trusts & Executorships
Trusts are relatively easy and very tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net. We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts.