The days of working for a single employer for your entire career and retiring with a comfortable pension are largely gone. The responsibility for accumulating a retirement nest egg now rests with individuals as opposed to their employers.
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Inheritance Tax is a tax on an estate (the property, money and possessions) of someone who’s died. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and even your future grandchildren, but it’s important to start planning early.
Continue reading “Preserving your family’s wealth”
Failing to protect family wealth from Inheritance Tax could cost families thousands of pounds. However, there are various strategies and solutions to legally avoid paying this tax.
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With careful planning it is possible to significantly reduce the need for your estate to pay Inheritance Tax. We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation – our children, grandchildren, nieces, nephews, and so on. Estate preservation planning is the transferring of wealth from one family generation to the next.
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The introduction of the ‘residence nil-rate band’ (RNRB) has made it easier for some individuals to pass on the family home. The rise in property prices throughout the UK means that even those with modest assets may exceed the £325,000 ‘nil-rate band’ (NRB) for Inheritance Tax.
Continue reading “Inheritance Tax Residence Nil-Rate Band”
An outright gift falls into one of two categories, depending on the type of gift and to whom it’s made. These categories are Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs).
Continue reading “Lifetime transfers”
Passing wealth through the family, for most, is an important part of their estate preservation planning process. Pension funds are typically free of Inheritance Tax provided the scheme trustees/administrator has discretion over the payment of death benefits
Continue reading “Prioritising the power of pensions”
A valid Will is an incredibly important part of estate preservation planning and will ensure that should the worst happen, your assets, whether they be financial wealth or possessions, are distributed in an orderly fashion to the right beneficiaries.
Continue reading “Making a Will”
Thinking about death isn’t easy. Talking about it is even harder. The reality of our own mortality is a tough subject, but a discussion will ensure your assets are left to the right people.
Continue reading “Leaving your legacy behind”
You may want to consider putting some of your assets into a trust for a loved one. Trusts are a way of managing wealth, money, investments, land or property, for you, your family or anyone else you’d like to benefit.
Continue reading “Trusts”