2nd August 2021

Our Guide to Inheritance Tax Planning

Welcome to this Guide to Inheritance Tax Planning. You no doubt want your loved ones to inherit as much of your wealth as possible when you die. Estate planning is about more than just tax. It is about making sure the people left behind are financially supported, that your assets are protected and that the tax your estate pays is fair. The coronavirus (COVID-19) pandemic has served as a reminder of the importance of planning for the future and having our affairs in order. 

When you’ve worked hard and invested carefully to build your wealth, you want to look after it. That’s why it’s important to plan for your wealth preservation and the eventual transfer of that wealth.

Have you considered this question: ‘What will happen to my estate once I’ve gone?’ Wealth preservation and wealth transfer are becoming an increasingly important issue for many families today. Individuals with assets of any size should seek professional financial advice to consider what action may need to be taken before it’s too late.

The reality is, most of us should prepare for the eventual transfer of our assets, regardless of any tax or legal consequences. It is natural that many of us want to leave our wealth to those who matter the most. Having a well-managed estate can save time and legal costs in the long term, help avoid a large Inheritance Tax bill, and cushion the blow for those you leave behind. It’s important to start with a clear picture of your goals. You may want your estate to provide ongoing income and security for dependents, to make bequests or to set up Trusts. Everyone’s circumstances are different – planning can look at tax-effeciency and maintaining access to income and capital. It can also include protection from irresponsible beneficiaries, or to provide for vulnerable or minor beneficiaries. 

We can also help you assess and minimise any risk to your inherited assets, for example, from divorce or bankruptcy. Wealth preservation and the transfer of your wealth is not just for the super rich. It is essential for anyone who wants to ensure that their loved ones benefit from their inheritance and are not burdened by it.

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Friars House, 2 Falcon Street, Ipswich, Suffolk, IP1 1SL

Woodward Markwell Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). You can confirm this by visiting the FCA website www.fca.org.uk/register. The firm’s reference number is 146449.
Our registered address is: Friars House, 2 Falcon Street, Ipswich, IP1 1SL. Registered in England No. 2492078