'Removing emotive aspects important in estate planning'

Ensuring that children are well-prepared for inheritance and what will happen to your estate when you die is as important as considering tax implications, according to Ian Driscoll in the Financial Times.

New York trust counsel Susan Schoenfield said that too often people only concentrate on tax planning.

"But it shouldn't be, in the perfect world, the sole motivator," she told the paper.

Well-advised financial planning, which can be carried out with guidance from solicitors in Northern Ireland, "can help parents enshrine values and educate children about fiscal responsibility" as well as preventing arguments between siblings, Mr Driscoll writes.

Trusts and estates manager Lisa Whitcomb told the FT that between the ages of 22 and 35 are the best times to educate children about what kind of inheritance they can expect and how it is to be administered.

Advice from solicitors about how best to entail an estate can ensure that the estates are liable to as little tax as possible.

Inheritance tax is currently changed at a rate of 40 per cent on any value of an estate worth over £312,000.

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