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Inheritance Tax Planning

Having built up wealth after paying tax along the way many people are keen to pass on as much wealth as possible without paying any more tax than they have to. Often, we find clients realise and are grateful that they are in a fortunate financial position. Parental instinct can kick in and many want to be able to pass on wealth down through the generations to children, grandchildren, and even great grandchildren to help them establish and enjoy their lives. As with most financial planning, the sooner so you start to think about taking action the more effective it can be, especially as some solutions take seven years to be fully exempt.

How we can assist you with you IHT planning?

We work with you to understand your objectives and what you want to achieve. The first thing we need to understand is what the IHT liability is on your estate to quantify the amount of tax which is potentially payable. A full IHT computation will be produced to quantify the liability then we can start planning on how to reduce the impact of tax. Part of this process is looking at your own needs to ensure that any gifting of income or capital is not detrimental to your own longer-term position.

Once this analysis has been completed, we will prepare a report outlining our recommended course of action.
  • Advice on passing on wealth
  • Utilising available reliefs and exemptions
  • Succession planning
  • Setting up family trusts
  • Charitable giving
  • Working with your solicitor to ensure you Will is effective
  • Creating tax efficient investment portfolios
  • Use of specialist Business relief and agricultural exemptions
  • Review of existing trusts and IHT mitigations plans

Our experience?

We have built up considerable expertise and practical application in the private client world through working with other professional advisers to help plan clients’ affairs to minimise the impact of IHT.

How East Anglian Financial Planning can help you

There is no doubt that the sooner you start planning any gifting, the greater the benefits, such as to ensure your family receives an inheritance in accordance with your wishes whilst maximising tax savings.

So, whether you are already thinking about passing on your wealth to loved ones or would like to review whether you are able to be able to gift without affecting your own financial security or simply want to work with us, contact one of our expert financial advisers today.
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The Financial Conduct Authority does not regulate tax advice or trusts.