Look after your loved ones by making sure that your wealth passes to the people you want it to reach rather than being lost to inheritance tax.
It takes expert advice and careful financial planning to make sure that as much of your estate as possible passes to those you want to benefit after your death. Without it, the effects of inheritance tax could eat into your estate leaving rather less than you hoped for. However, estate planning strategies may not be suitable for everyone and the outcome will depend on your individual circumstances and the rules in place at the time, as tax treatment depends on individual circumstances and may change over time. The value of any tax benefits or reliefs will therefore vary from person to person and cannot be guaranteed.
It’s true that inheritance tax is having an impact on more estates than used to be the case. Even those with modest wealth are finding that the effect can be significant, while those with large estates can be hit hard.
In this context, it’s essential to consider options that can help to mitigate inheritance tax’s effects, including:
- Making sure your will is planned and written carefully*
- Transferring assets during your lifetime as gifts
- Establishing a tax-efficient fund to enable beneficiaries to meet their tax liabilities without impacting on the family’s wealth. Under existing inheritance tax legislation, pensions can play an important part in estate planning – although this is set to change in April 2027. The tax treatment of any arrangement will depend on individual circumstances and tax rules may change in the future.
We have access to leading law firms that are able to assist with a wide range of legal services. These include advising on inheritance tax, marriage-related taxation and wider tax planning.
*Where legal and will writing services are required, we’ll refer you to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority.