Inheritance Tax Planning: What You Need To Know

Effective wealth management encompasses all aspect of your life, even though death is not something we like to think about. When you have worked hard all your life to create personal wealth or build assets, it's important to know that this will be appropriately distributed after you have gone.

Inheritance tax and estate planning allows your family and loved ones to benefit from your hard work, without facing huge losses through inheritance tax. By dealing with the administration of your estate now, you can rest assured that plans are in place for your wealth to be managed and distributed in accordance with your wishes and fulfil your legal obligations. It has existed in the UK since the 1700’s and whilst qualifying thresholds continue to be regularly revised, inheritance tax is here to stay.

With that in mind it is vital that you assess your wealth and estates and make appropriate plans now. Our financial advisers at Skybound Wealth UK will talk you through a variety of options and solutions that you can take advantage of in order to put your family and loved ones in the strongest possible financial position after your death.

These include –

Will writing – We will help you with legalities, explore whether you need more than one (depending on residence status) and guide you through the decisions you need to make.

Trusts – We will advise you on whether you should consider putting your properties in trust. This may reduce your inheritance tax liability, yet you can still say how the property is to be distributed upon your death.

Gifts - Making a gift from your estate may sound simple, yet sometimes it can complicate matters due to liability and asset benefit. We will advise you on this to ensure it is a positive financial decision.

In conclusion we can create a plan tailored to your individual circumstances which can reduce your liability and ensure a secure future for you and your family – all in complete accordance with the law. We urge you to make these plans at any stage of your life although sooner, really is better in this case.

Remember that HMRC can access up to 7 years of your financial matters and they will look into all your financial matters if you fail to have adequate estate and inheritance tax plans meaning your beneficiaries could face a long investigation into the affairs of your estate which often results in being financially worse off than you had hoped for them.

At Skybound, our Advisers are experienced in dealing with all aspects of financial and wealth management including Inheritance Tax. We can advise specifically on this subject, or more appropriately, we are well placed to offer advice across your portfolio to ensure a cohesive approach is adopted, delivering you the very best results both now and in the future.