Planning your financial future, and how to get there
5 min read
Understandably, the issue of wealth and succession planning is often a taboo subject for many families. Lots of people naturally feel awkward having a conversation about such a potentially emotive subject. But careful Estate Planning is in everyone’s best interests. It allows for a much smoother and less stressful transition of your family wealth to children, grandchildren, and other dependents.
We can help you to consider these important issues calmly and objectively, creating a succession plan that keeps as much of your wealth as possible within the family while minimising the taxman’s share.
* Canada Life, 2019
By minimising your IHT exposure we can maximise the wealth available to pass on to your loved ones. Our Financial Planners will build up a clear picture of exactly what assets you have and how much may be liable to Inheritance Tax. We will then put in place an Estate Planning strategy built around your individual circumstances using the most appropriate and effective tax-efficient solutions.
Trusts are an effective way to pass on your wealth. They come in many forms and can be used to preserve assets and reduce tax efficiently while allowing you to influence how they are managed and who benefits.
Trusts can be complex but our Financial Planners can help you decide which, if any, are right for your personal objectives. You then have the satisfaction of knowing your loved ones will get the most benefit from your generosity.
You may think of your pension as simply the source of your retirement income, but it is also a very tax-efficient way to pass on your wealth. Anyone, not just your partner, can inherit your pension. Since your pension generally sits outside your estate as far as the taxman is concerned, it is usually exempt from IHT.
We can advise you on how to make the most of your pension’s power as a valuable tax-free asset for succession planning while ensuring you are ready for a long and comfortable retirement as well.
With an Estate Planning strategy in place, you can ensure that you pass on your wealth to future generations and allow your loved ones to inherit in the most tax-efficient way. We will help you to benefit from the range of exemptions on offer by putting in place the best combination to deliver the outcome that works best for you. Knowing you have got your affairs in order will bring peace of mind for you and your family. Here’s how it works.
Taking stock of your wealth
We will use our expertise to determine exactly what your estate is currently worth in terms of your investments, savings, properties and other assets. Getting clarity on what you actually own allows you to consider exactly how, and to whom, you would like to transfer this wealth in future.
Calculating your potential tax liability
Once we have determined how much wealth you actually have, we will calculate how much of your estate may be liable to IHT and what strategies might be available to you to help reduce it.
Creating a personalised plan
Next we’ll talk you through all the various strategies that you may wish to consider in order to minimise the impact of IHT, based on your personal preferences. We’ll then identify and put into action the most suitable combination of exemptions, trusts, structures and vehicles to achieve this.
Continually reviewing it
Once your plan is in place, we will continue to review it as the economic environment, your circumstances, or your wishes change. It is very much an ongoing process, focused on making sure that your wealth is passed on in the most tax-efficient manner to those you care about.
After family bereavements, the team provided fantastic support, and took a great weight off our shoulders by dealing with solicitors, banks, and a host of other necessary investment work.
5 min read
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Investec Wealth & Investment (UK) is a trading name of Investec Wealth & Investment Limited which is a subsidiary of Rathbones Group Plc. Investec Wealth & Investment Limited is authorised and regulated by the Financial Conduct Authority and is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street. London. EC2V 7QN.