IHT, Estate Planning and Probate

Did you know that Sopher + Co offers professional Estate planning advice? Estate planning encompasses more than just mitigating inheritance tax; it involves providing comprehensive planning advice for future generations, while considering factors such as control and flexibility.

Our team is here to assist you in taking simple yet effective steps to minimize your exposure to inheritance tax. With our expertise, we can guide you through the following strategies:

  1. Small gifts: Discover how strategic small gifts can contribute to reducing your inheritance tax liabilities.
  2. Pension beneficiaries: Understand how optimizing pension beneficiaries can play a role in your estate planning and tax mitigation.
  3. Gifts to charity: Explore the benefits of making charitable contributions as part of your estate planning strategy.
  4. Insurance: Learn about the advantages of utilizing insurance products to address your inheritance tax concerns.
  5. Potentially exempt transfers: Find out how potentially exempt transfers can be utilized to minimize the impact of inheritance tax.
  6. Gifts out of normal expenditure: Gain insights into utilizing regular gifts as an effective means of reducing inheritance tax liabilities.
  7. Discretionary trusts: Explore the benefits and considerations associated with establishing discretionary trusts in your estate planning.
  8. Business and Agricultural Property Relief: Discover how these reliefs can help protect your business and agricultural assets from excessive inheritance tax burdens.
  9. Loan trusts: Learn about the potential benefits of utilizing loan trusts in your estate planning strategy.

It is crucial to recognize that estate planning is an ongoing process. Given the dynamic nature of tax laws and rates, it is essential to regularly review and update your plan to ensure its continued effectiveness.

Probate & Estate Services

Our team is licensed to handle non contentious Probate applications for Estates. Dealing with a bereavement can be a complex process and at a very emotional time for those family members involved. We provide a comprehensive range of services to our clients, ensuring a seamless and efficient process.

This service includes:

  • Ascertain whether there is any entitlement to reliefs such as business property relief and assist with finalising the estates income tax, capital gains and inheritance tax position
  • Business and share valuations
  • Preparation of estate accounts and tax returns
  • Preparation of inheritance tax returns and provision of inheritance tax advice
  • Obtaining grant of probate
  • Advice on tax planning opportunities

Fees

Our work is charged on an hourly rate basis. The minimum fee for this service is £3750.

Daniel Sopher, Partner.

Daniel’s normal hourly rate is £645 per hour.

Emma Cottrell, Director.

Emma’s normal hourly rate is £475 per hour.

Our fees do not include costs incurred on behalf of an estate such as probate application fee, searches and notices/ advertisements of deaths. Should these be incurred, we will always notify executors of such costs in advance of them being incurred.

Timings

Due to the nature of the work, and dependent on the complexity of the Estate, it may take up to seven months to complete and in more complicated circumstances, longer. In all cases you will be informed of what is going on and we will ensure you are updated on progress.

Regulatory and Complaints

Sopher + Co is licensed by the Institute of Chartered Accountants of England & Wales (ICAEW) to carry out the reserved legal activity of non-contentious probate in England & Wales.

We are committed to delivering excellence in all our services to clients. If you would like to talk to us about how we can improve our service to you, or if you are unhappy with the service you are receiving, please let us know by contacting Stephen Iseman, Partner.

If we do not deal with it within this timescale or you are unhappy with our response you may of course take the matter up with the Institute of Chartered Accountants in England & Wales and the Legal Ombudsman. The contact details of the Legal Ombudsman are:

Letter: Legal Ombudsman, PO Box 6806, Wolverhampton, WV1 9WJ

Email: enquiries@legalombudsman.org.uk

Telephone: 0300 555 0333

Compensation

In the unlikely event that we cannot meet our liabilities to you, you may be able to seek a grant from ICAEW’s Probate Compensation Scheme. Further information about the scheme and the circumstances in which grants may be made is available on ICAEW’s website: www.icaew.com/probate.

Professional indemnity insurance

Our professional indemnity insurer is AIG Europe Ltd, The AIG Building, 8th Floor, 58 Fenchurch Street, London, EC3M 4AB. The territorial coverage is worldwide and excludes any action for a claim brought in any court in the United States of America or Canada.