At Cherry May, we believe that good estate planning is an essential part of any long-term financial strategy. Successive Governments and changes to Inheritance Tax (IHT) legislation has created a myriad of alternatives to consider and, without expert financial planning, individuals and their families need to constantly review their plans to ensure they are able to keep more of what they have earned, inherited or saved.
The earlier that you’re able to start thinking about IHT, and take action to mitigate the impact of this ‘voluntary tax’ on your estate, the better. The various IHT mitigation techniques include making use of relevant exemptions and reliefs and ensuring your legal affairs and investment portfolio is structured towards mitigating taxes where possible.
Achieving the right balance
Part of the complexity involved with estate planning is that there is rarely a single solution to the IHT problem. A combination of the following points can be successful ways to address the tax position, but each have their own merits and downsides:
- Gifting assets to family, others or charity
- Pensions – deciding on when and how to draw income
- Inheritance Tax efficient investments
- Life cover to protect the value of the estate and meet the IHT liability
Indeed, the precise nature of how these would apply to each individual and their family would be different in most cases and require specialist advice.
Find out more… Call us on 0330 127 2006 or email us today.
Tax treatment is based on individual circumstances and may be subject to change in the future.
The Financial Conduct Authority does not regulate Inheritance Tax Planning.
So, what is inflation? – Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase as reported in the Consumer Price Index (CPI). Put simply, Inflation is to do with how much...
You voluntarily choose to provide your personal details via this website.
Email communications are not secure and for this reason Cherry May Financial Planning Ltd cannot guarantee the security of the email, its contents or that it remains virus free once sent.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Cherry May Financial Planning Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 149826.
Cherry May Financial Planning Ltd is registered in England and Wales under reference 10260896
Registered office address: Lower Burston Farm, Bow, Devon, EX17 6LB
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on their website at www.financial-ombudsman.org.uk.