It is important to get your wishes for your legacy clear in your mind, from which you will be in a better position to plan your estate and ensure that the right things get to the right people. In the process of considering your wishes the potential value of your estate can be calculated and along with it any liability to inheritance tax which can be mitigated through careful planning.
There are all sorts of ways of mitigating inheritance tax from the gifting of assets to insuring the liability via a whole of life assurance plan, and many investment options in between. If you have an estate which is likely to be liable to tax it makes sense to review and have the potential liability calculated from there and in consideration of your wishes for legacy planning can be implemented to mitigate the liability and arrange the estate in such a way that any liability is met and assets pass to the next generation as desired.
Calculate the value of your assets.
Minus any liabilities from this your potential liability to inheritance tax can be calculated.
Cash flow modelling can be useful to project the future value of your estate and assess any future liability which could be larger than the current.
Review any existing arrangements in place and careful planning to match the reduction of tax liability with distributing your estate to those you wish it to go to.
Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.
Alison Davis and Adrian James are authorised and regulated through Mulberry Wealth Management Ltd. Mulberry Wealth Management Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 499351.