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 01823 475222 or email us today.
The Financial Conduct Authority does not regulate Estate Planning.
I was speaking at a business event recently and I asked the group this simple question: Do you know when your State Pension age is?
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