On the 17 May, we will be delivering a second presentation on inheritance tax (IHT) planning, following the many legislative changes in recent years. With growing complexity in this area, we believe it is imperative that individuals understand and review their IHT planning regularly to ensure it is up to date and effective. In some circumstances this could also involve family members, especially where intergenerational planning is required.

Whilst it is said that there is nothing more certain than death and taxes, structuring your finances effectively can help to minimise these taxes significantly, allowing you to pass on more of your hard-earned wealth to your beneficiaries. The presentation will seek to explain complex issues in plain English and outline non-aggressive solutions to the many problems that can arise. It will focus on three key areas:

What is IHT? We will start with a straightforward overview of IHT and how the system works. This will include looking at the available allowances, including the residence nil rate band and how historic Will planning could lose this benefit. We will deal with the issues presented with bricks and mortar and other types of investments, and also look at the interaction with other taxes and some of the pitfalls that can befall the unsuspecting.

Death planning: What provisions can you put in place now? Can you plan together as a family and where do you need the help of an advisor when thinking about the long term? What happens in the event of your death and how do you ensure that your wishes are fulfilled? We will also cover how planning can save your beneficiaries further inter-generational IHT and also help protect their interests in respect of divorce, bankruptcy and long term care costs.

Lifetime planning: What planning can you do now and in the future to protect both your and your beneficiaries’ wealth in the long term and reduce the impact of IHT? Can you protect against long term care costs and what are the implications and options should you become ill or lose capacity?

Our team of experts will be on hand afterwards to talk to you about any immediate concerns or queries that you may have and further meetings can be arranged for those who would like a more in-depth look at their own situation.

 

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