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Financial planning for the future is not just for the living! It is also essential to seek inheritance planning advice to ensure that our legacies are secure for our children and grandchildren. Inheritance taxes can be mitigated but if they are not planned for the consequences can be expensive.
Seeking inheritance planning advice not only makes sense from a purely financial point of view, it also makes it much easier to deal with two subjects that many people find difficult and awkward to discuss: death and money. Involving an independent third party can pave the way to making sensible and money saving preparations for the inevitable. We may find it hard to contemplate our own passing or that of our parents, we may also be concerned that a conversation about inheritance will seem selfish or greedy. However, if the alternative is a huge tax bill and costly disputes, seeking inheritance planning advice is simply common sense.
Inheritance tax can significantly reduce the size of any legacy. In the UK, only the first £325,000 of assets are tax free, over and above that amount the estate is taxed at 40%. This tax burden can be mitigated if inheritance planning is made a priority before it’s too late.
There are many ways to pass on an inheritance to our loved ones. Regular gifts can be made, up to an annual limit, allowing for a legacy to be passed on during the benefactor’s lifetime. Establishing a trust can also be a practical way to protect assets and lessen the tax burden for future generations. There are certain stock and property investments which may not be liable to inheritance tax. A professional adviser will be able to offer good advice on the options available to suit your particular needs and circumstances.
Even those who do seek inheritance planning advice and act upon it should take care to have regular reviews in place. A windfall, a death in the family or any of a long list of other eventualities can have a profound impact on an estate and therefore on the inheritance tax applied.
Expats will more than likely have assets and investments in different countries. It is vitally important to have a clear plan based on inheritance planning advice from professional advisers who know the local territory. The responsibility of planning for your family’s future and security when you are gone is too important to ignore, the time to plan is now.
Infinity’s professional advisers are very personable and can expertly guide you and your family through the planning process. Contact us today for inheritance planning advice and give yourself peace of mind in the knowledge that your loved ones futures are secured.
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