Inheritance Tax Planning

Leaving inheritance is the final thing you can do for your close family. It can help set them up for the rest of their life. However, this amount which may include home, savings and family heirlooms are subject to inheritance tax when you die. Therefore, here at Rotherwood Insurance Consultants, we know how important it is that we work to protect a family’s assets.
Whether you are heading to retirement age and want to sort inheritance tax now or have purchased a new asset and want to protect it, we are here to help you to plan and ensure your successors are secure for their future.

What is the inheritance tax planning service we offer?

Here at Rotherwood Insurance Consultants, we understand what a tough time it is to think ahead to the future. But we can ensure that the next generation is secure when it comes to claiming their inheritance. The first thing you need to know is that an individual is entitled to a 325,000 rate band that is tax-free on an estate that is worth this and 40% beyond. But when you work with us on our inheritance tax planning service, we can look at ways around this to help increase the rate. For instance, a married couple can combine their allowance so then a property worth up to £1,000,000 would be protected by up to 40%.
We can help assist you with your will. After all, a well-planned up-to-date will is the most important thing you can do to firstly ensure the money ends up in the right hands.
We could also help you look into the ideas of trusts which are becoming a go-to option to help pass on the entirety of wealth to your loved ones. We can talk to you about the key trusts available and help you put a strategy in place to ensure the trust is effective as possible.
Our team can also help you look at pensions and ways these can help you when it comes to inheritance tax planning. Also, financial gifts are often a great way to protect your family by gifting the money now. By doing this you can remove inheritance tax from the equation and you also then can see what your family spends it on.
We can also help you look into an IHT-efficient fund. These are a vital way to cut money on the inheritance bill and with our assistance, we can plan this properly and look at the different products available.
Who would benefit from this inheritance tax planning service?
For those who have invested in a new asset, this would be a great time to look ahead to the future. Whether you have bought a new property or even received a significant retirement payout, this is the perfect time to ensure your family’s wealth is secured.
If you are struggling to understand or find the best option when it comes to inheritance tax, a financial advisor is a good step for you. We can look at the best options for you and we know not one family is the same, so we will discuss the potential outcomes with you. We can go through possible ways to cut out costs such as trusts of IHT-efficient funds. If you have looked at these already and set one up, but don’t think it’s right for you, we can also advise on changes you could make and whether it’s possible to switch providers.
If you have received money from your own parents and want to protect this amount, this service would particularly help you. Whether you want to gift it now to your children or want to look at potential ways to secure this wealth, our experienced team can weigh out the different opportunities.

What is the next step to take?

If you require help with your inheritance tax planning, you can get in touch for a free consultation. The team will look at your individual circumstances and work out a plan for you and how your wealth could be protected. We can look at different scenarios and your personal wealth to see the best options for you.

Are you looking for a financial advisor? Get in touch today.

If you’re unsure if you need a financial advisor, get in touch for a free consultation.