Inheritance Tax and Estate Planning
Ewan Mathers,

For most of us, it’s important that we are able to pass on the maximum amount of our wealth to loved ones and to do this effectively it’s important to plan many years in advance to ensure that your beneficiaries receive the most value and your tax liabilities are minimised. Whether or not you have an Inheritance Tax (IHT) liability depends on the value of your estate when you die.

At Midland Financial Solutions we will discuss all of the options of how to leave your legacy. The starting point is always ensuring you have an up to date Will in place as dying Intestate is very unlikely to result in your assets passing in line with your actual final wishes.

It’s also necessary to consider a range of different avenues for wealth distribution in the event of your death. For example, if you would rather not leave a large lump sum for your beneficiaries because you have concerns about divorce, bankruptcy or other issues, then you should consider gifting assets into a Trust. This will enable you to remain in control of the assets during your lifetime (and to some extent after your death) but allows the beneficiaries access on your death, subject to whatever terms you decide.

We can advise you as to which (of the many different) type of Trust will help you to best meet your objectives.

Disclaimer: The FCA does not regulate taxation advice.