Estate planning – maximise your financial legacy

by | Mar 1, 2022

There is never a right time to talk or think about our death.  And yet the estate planning decisions we make whilst alive will impact the amount and distribution of our estate once we have left this mortal coil.  Now is the time to plan your affairs and maximise your financial legacy.

One of the first questions ABG’s Estate Planning Accountants will consider is how many of the final years of your working life will be spent creating the cash resources to pay your estate’s IHT liability?

Then we have a conversation to ascertain the benefits for you and your family of an estate planning exercise.  The sort of questions we will ask will include (but not be limited to):

  • How long do you think you will continue to work?
  • Do you realise that IHT is a 40% tax on your chargeable assets?
  • Do you realise that you have much more control over what happens than you might think?
  • What do you intend to do in retirement? How will that be funded?
  • What do you want to leave to your children?
  • Do you have a Will? What does it say? If it says “it all goes to my spouse” in most cases this will simply push any estate liabilities to a future date. Is that what you want?
  • Is your Will flexible enough to allow for changes in circumstances and attitudes amongst your family For example, if one marries and has other obligations, or health issues?
  • How do you make sure that your assets get split properly if you don’t expect some to be sold?
  • Have you advised your pension provider that beneficiaries should be you, your spouse and your children, usually in that order? In this way you may have made provision for a pension for them which doesn’t create a IHT bill. It’s a way of shifting assets down the blood line (if that’s what you want), avoiding any blended family issues.

Legacy and estate planning is an important issue. ABG’s Estate Planning Accountants can help you maximise the value of your endeavours, minimise any Inheritance Tax due, and ensure that your wishes regarding the distribution of your estate are observed.

ABG has a dedicated team of Probate Accountants that can deal with the Executors of the Estate and help them every step of the way but now is the time to start that conversation.

If you would like to speak to a member of our team regarding Inheritance Tax Planning, Estate Planning or Probate, please contact us on 020 7330 0000.

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