Inheritance Tax Planning
Protecting Your Legacy
Inheritance tax planning is crucial to ensure that your wealth is passed on to the people who matter most, without an undue burden of tax. At David Winter Independent Financial Advisers, we specialise in helping you navigate the complexities of inheritance tax, ensuring that your estate is structured efficiently to protect your family’s financial future.
Did You Know?
A survey conducted by Royal London in October 2021 revealed that only a fifth (21%) of those aged between 18-34 have created a will, compared to two thirds (68%) of those aged 55+ and by not having a will could create complications with assets being inherited by another family member.* This also highlights a significant gap in inheritance tax planning, which could lead to unnecessary financial strain on your loved ones.
Inheritance tax (IHT) was once famously described as “a voluntary levy paid by those who distrust their heirs more than they like the Inland Revenue” by Roy Jenkins, a former Chancellor of the Exchequer The current inheritance tax threshold of £325,000 now impacts more families than ever before, and while there is an additional primary residence allowance of £125,000, benefiting from this is dependent on the structure of your will.
Our inheritance tax planning services are designed to help you minimise the tax your family may face. We offer strategies such as gifting into trust or arranging life insurance policies so that the proceeds remain outside your estate, thereby helping to meet any inheritance tax liabilities. Additionally, we can assist in setting up or restructuring investments to ensure they remain accessible during your lifetime but fall outside your estate upon your death, potentially reducing your inheritance tax exposure.
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What we offer
We Offer Expert Advice On:
We help you create a comprehensive estate plan that ensures your assets are distributed according to your wishes while minimising inheritance tax liabilities. Our advisors will guide you through the process of structuring your estate efficiently, providing peace of mind that your family’s future is secure.
Trusts can be an effective tool for inheritance tax planning, allowing you to control how and when your assets are distributed. We provide advice on the different types of trusts available and help you set up a trust that aligns with your financial goals, offering protection and tax efficiency.
Whole of life insurance policies can be arranged to provide a payout that is exempt from inheritance tax, helping your beneficiaries cover any tax liabilities without depleting the estate. We offer advice on selecting and structuring these policies to integrate them seamlessly into your inheritance tax planning strategy.
Certain investments qualify for relief from inheritance tax, allowing you to grow your wealth while reducing your estate’s tax liability. We provide expert guidance on identifying and managing these investments, ensuring they are optimised for both growth and tax efficiency.
Need more help?
If you’re ready to take the necessary steps to protect your family’s financial future, contact us today to discuss how inheritance tax planning can safeguard your legacy. Our expert advisers are here to guide you through every aspect of estate planning, ensuring that your wealth is preserved and passed on to those who matter most.
