ISSUE 1
How can I protect my assets from Inheritance Tax (IHT)?
Asset protection takes careful planning and optimal timing. This may include using pensions as a legacy planning asset rather than for retirement. Other solutions range from re-wording your Will to make better use of gifts and allowances, gifting money to your family during your lifetime rather than waiting until you die and moving money into tax-efficient investments. We'll work out the right strategy for you and implement this on your behalf.
ISSUE 2
I want to give money to my children. How much do I need for myself?
Typically this means working out how much you will need from your accumulated assets for the rest of your life, taking into account a number of different scenarios such as the cost of long term care and the round the world trip you've got planned. We then use sophisticated cash flow planning software which takes into account inflation, tax and other variables and can show you what capacity you have to gift money to your children now. This will undoubtedly change over time so is an exercise we can repeat as often as necessary.
ISSUE 3
How do I go about leaving money to my children?
A long term strategy and forward planning here is really important. Lifetime gifting whilst you're young enough to survive seven years after the date of the gift is one option to pass on wealth and reduce the burden of Inheritance Tax. But the order of gifting is important and can be complex. Leaving money in your will or in trusts is another approach which we can help with to ensure your children are well provided for.
ISSUE 4
I want to provide for my partner whilst also ensuring my children inherit.
This is a common concern for those who have remarried and requires careful consideration to avoid posthumous disagreement.
We can explore options such as life interest trusts or making sure that your spouse can stay in their home for life whilst ensuring it passes to whomever you intend. Working in conjunction with your solicitor, you'll get the best strategy for your circumstances and re-structure your finances to ensure all of your beneficiaries are provided for according to your wishes.
ISSUE 5
I want to ensure their inheritance is positive and protected
Poorly managed wealth can be detrimental and understandably you want to ensure anything you leave your beneficiaries will be a force for good in their lives. You'll also want to be sure that family money doesn't get split on divorce. We can structure your wealth in the best way to allay your concerns.
