Inheritance Tax Planning
Overview
Securing your family’s financial future.
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 when I’ve gone?’ Wealth preservation and wealth transfer are becoming increasingly important issues 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 mitigate 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 dependants, to make bequests or to set up Trusts. Everyone’s circumstances are different – planning can look at tax efficiency and maintaining access to income and capital.
It can also include protection from irresponsible beneficiaries, or to provide for vulnerable or minor (those under 18) 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 is not burdened by it.
Advice areas
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Our advisers
Your adviser will work with you to understand your current situation and appetite for risk. All of the advice given will be tailored to you, your circumstances and your objectives.
You will be supported throughout your financial planning journey from setting long-term financial goals and working towards targeted growth, right through to retirement and taking income.
Our advice process
1. Establish
At the outset we will define the relationship we will have with you on your client journey. This will clearly explain our services and costs, and our respective responsibilities.
2. Identify
During our initial meeting, we will collect relevant information about you, so that we can clarify your personal and financial goals. We will also identify your attitude towards investment risk and determine which Pareto service is best suited to your needs.
3. Analyse
Our team of experts will conduct an in depth review of your current circumstances, including any existing plans.
4. Develop
We will provide a report to outline your financial plan, and make specific recommendations to address your personal and financial goals.
5. Implement
We will meet to present our report and discuss your financial plan. With your agreement the recommendations will then be implemented.
6. Monitor
If you put us in charge of reviewing your financial plan, we will report to you at least annually. This review will cover any recommendations required to develop your financial plan further.
