A Guide to Family Wealth Preservation – How to Reduce Inheritance Tax

Share

Inheritance tax is not just for the extremely wealthy. Rising property prices have meant more estates than ever are likely to face an inheritance tax bill. In fact, the amount of inheritance tax collected is expected to reach £6.9 billion by 2023-24, an increase of £1.5 billion in just five years¹.

In addition, many families are increasingly asking how to plan for later life care, with one in ten people now spending over £100,000 on care fees during their lifetimes². With the elderly population expected to increase by more than 40 per cent over the next 50 years, planning for the cost of care is fast becoming an essential part of financial planning.

Whether your goal is legacy creation, gifting, estate preservation, later life planning or something else entirely, there are always strategies which can preserve your family wealth while delivering the right blend of control, access, security and simplicity.

We have created a guide that will give you an idea on how you can plan ahead as well as an Inheritance Tax Calculator to check your own liability. Estate planning is a complex area and, as everyone’s situation is unique, we would encourage all Clients to reach out to their financial planner to discuss the best options for you and your family.

Please visit the downloads section at the bottom of our news page to access the guide.

As with all financial planning, having conversations early with the whole family is often worthwhile. Should you wish to discuss the contents of this guide in more detail, please contact us here.

¹ HM Treasury Budget, October 2018.
² https://www.unbiased.co.uk/news/retirement/what-you-need-to-know-about-planning-care-fees

The Financial Conduct Authority does not regulate tax and trust advice.

Articles on this website are offered only for general information and educational purposes. They are not offered as, and do not constitute, financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional.

Past performance is not a guide to future performance and may not be repeated. Capital is at risk; investments and the income from them can fall as well as rise and investors may not get back the amounts originally invested.

You are now departing from the regulatory site of Finura. Finura is not responsible for the accuracy of the information contained within the linked site.

Share

Other News

ISAs: 25 Years On

When they first appeared, in April 1999, ISAs were seen largely as a rebranding by the then Labour Chancellor, Gordon Brown, of two schemes introduced by his Conservative predecessors: Nigel Lawson (Personal Equity Plans – PEPs) and John Major (Tax Exempt Special Savings Accounts – TESSAs). Since that far off day, ISAs have undergone many changes.

How to talk to teenagers about money

The right financial education can make your children feel more confident about money so, when they are older, they have the knowledge and skills to meet their financial goals.

Podcast: How markets perform when rates are cut

In the latest Investor Download, Duncan Lamont, Head of Strategic Research at Schroders, takes us through what happens in markets when interest rates are cut.