The value of your house has collapsed. Your savings and investments have dropped through the floor. The Government is short of revenue and inflation lurks menacingly around the corner.

A time for celebration? Yes, says Kent criminal lawyers las vegas Harvey Barrett. This golden age of opportunity might not be repeated for some time so implement tax-saving schemes and make long-term investment changes.

Harvey, partner and head of the private client, trusts and estates team at leading regional law firm Furley Page, explains: “Until very recently we were prevented from carrying out a positive restructure of our estates because  it would have meant giving up or selling assets – both triggering a substantial capital gains tax liability.

“In effect, the hike in asset values over the first seven years of this century prevented sensible estate planning to mitigate tax or improve investment performance. Now the shackles are off – albeit for possibly a short time – you should weigh up your options.”

Harvey advises anyone with a potential inheritance tax bill on their death to consider making outright gifts. For those between 60 and 80 in reasonably good health and with investments or cash of say £50,000 to £500,000, a Discounted Gift Scheme is a good idea. This allows them to reduce the value of their estate for inheritance tax purposes while still continuing to receive an income from the amount put into the scheme.

Another option is to make a gift of a second home – although there are risks attached to this. The recipient may get divorced, find themselves in financial difficulties or die soon after receiving the gift, in which case it’s better to transfer the gifted asset into a trust for the benefit of the recipient or for a wider circle of beneficiaries.

“Plan carefully and the successful outcome will justify the time,” says Harvey.

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