As a financial planner Inheritance Tax planning is one of my most sought-after areas of advice. However, what can start as a narrow conversation around tax often broadens quite dramatically. After all, the easiest way to avoid Inheritance Tax is to give away all of your savings.
This conversation about Inheritance Tax can quickly escalate into a discussion of your wider long-term financial plan. If you don’t have a financial plan it is almost impossible to do anything meaningful to manage Inheritance Tax – but people often find this out when it’s too late.
Your financial planner will begin by using cashflow modelling to establish whether you have enough money to live the life you want in future. This focuses on how much income you will need and any expected inflows (such as downsizing your house) to forecast your finances. It is the basis for all future planning and is crucial to your long-term financial wellbeing.
Once we know whether you have enough savings to live comfortably, we can consider your legacy. At this point we would discuss your estate planning wishes in more detail:
The key to a successful estate planning strategy is to understand what is most important to you when it comes to your family and the future. Only by understanding this can your financial planner best advise on the right combination of gifts, trusts, investments and insurance to make sure you achieve your goals for leaving a legacy.
To find out how we could help you with estate planning please book an initial consultation with our financial planners. You can reach us by calling 020 7189 2400, emailing email@example.com or completing this online form.
Or if you’d like more details about estate planning and the rules around Inheritance Tax you can download our free guide.
Advice in relation to Inheritance Tax planning is not regulated by the Financial Conduct Authority, however, the products used in relation to trusts and to mitigate tax may be regulated.