Guide · Inheritance
Do you need a financial adviser for Inheritance Tax planning?
Inheritance Tax planning can involve investments, gifts, pensions, insurance and trusts. A financial adviser can help with the financial plan, while legal work may require a solicitor.
What can a financial adviser help with?
MoneyHelper says a regulated financial adviser can provide personalised Inheritance Tax advice, explain the rules that apply, help make use of available allowances and recommend ways to reduce tax on an estate.
When might you need a solicitor as well?
Trusts, wills and other legal arrangements can require legal advice and drafting. Financial and legal professionals may need to work together rather than one replacing the other.
Start with the actual estate
AssetsProperty, investments, cash, business interests and other estate assets.
BeneficiariesWho is expected to inherit and how does that affect the plan?
GiftsWhat has already been given and what records exist?
ObjectivesIs the aim tax reduction, control, family support, charitable giving or a combination?
Do not make irreversible decisions for tax alone
Planning should still leave you with enough financial security and flexibility. Tax is one part of the decision, not the only objective.
Sources & further reading