INTRODUCTION INTO iNHERITANCE
Inheritance tax can represent an unwelcome bill for your family and gifting can also mean money given at the wrong time.
After a lifetime of hard work, you want to make sure you protect as much of this as possible and pass it onto the right people. With careful planning and forethought, we can look at options to protect and pass on your provisions in a way suited to you.
As an estate planning expert, I can provide a birds eye view of your plans and make certain this happens.
VERIFIED INHERITANCE REVIEWS
What were the circumstances that caused you to look for an adviser?
Have always had a financial advisor through links to banking. We followed Stephen when he became independent.
How did Stephen Elvin help you?
Advised on the best places to invest our money appropriate to our needs.
What is your current situation? Have you seen the outcome you were hoping for?
Yes and ongoing satisfaction
What could they have done better?
Not a lot. Stephen has always made it very clear that if we ever have any queries/worries we can contact him at any time and we do not have to wait for the next consultation.
What were the circumstances that caused you to look for an adviser?
My husband had been made redundant/took early retirement and we had a large lump sum to invest
How did Stephen Elvin help you?
We first met Steve through HSBC and once he moved away we wanted to continue this financial relationship so managed to contact him and he has continued to look after our finances
What is your current situation? Have you seen the outcome you were hoping for?
Not yet as its been less than 12 months since our money was invested
What could they have done better?
At this early stage this is hard to answer. He continues to keep in touch and is always available at the end if the phone or by email should we have any questions concerns which is the personal touch we wanted from this relationship.
Gifting
Gifting money to your family, whether it is children or grandchildren to help them out financially, is a relatively straightforward way to reduce the size of your estate.
However, careful planning is needed as being too generous could leave you with insufficient funds to live on.
It’s important to distinguish between different types of gifts, as some are potentially exempt while others may incur a tax charge by doing so.
Trusts
Trusts can help protect your money for the benefit of your family and can be used to provide you and future beneficiaries with a lump sum and / or income.
A trust provides greater control of what happens to your wealth whilst alive or after you’ve passed on, and can potentially reduce some or all of your tax liabilities ensuring your provisions pass to your family.
Given there are many different trusts and ways to plan in this area, it is important we discuss it in great detail and plan appropriately.
Whole Of Life Insurance
Whole of life policies payout a lump sum when you die, whenever that is.
With some policies, you can stop paying once you reach a certain age, but with others you have to make monthly or annual payments right up until you die.
These plans can be very effective for inheritance tax planning and although they don’t solve the tax liability, can provide money towards the bill. This allows you to retain your assets, making them very effective savings plans as well.
Business Relief
Business Property Relief has been an established part of inheritance tax legislation since 1976.
Once qualifying shares have been owned for at least two years, they can be passed on free from inheritance tax on the death of the shareholder.
As with all investments and advice, although this can be a very effective part of our planning, there are rules and important areas of discussion needed first.
protecting generations of your family
Given this is your legacy, it all starts with a conversation and an idea of what concerns you and how I can help you to protect it.
By filling in the enquiry form, this could be a simple straight forward conversation that costs nothing but means you understand any potential implications.
Alternatively, it may mean we need to sit down together for a more in depth consultation, to ensure your family’s legacy is protected and handed down as you wish.
This is at no cost obligation to you, giving you the opportunity to evaluate your options and the service I can provide.
I aim to respond to all enquiries within a 24 hour period, if your query happens to be urgent for whatever reason, please state this within your enquiry.
Alternatively I can be reached on 01278 555 113 or touch the Messenger icon on the screen.
Your personal data will remain confidential and will not be passed to any company outside our firm without your permission being obtained, unless the information is required by law. For further details on how we handle your personal information, please refer to our Privacy Policy.
