Keeping your wealth in the family

Estate planning isn’t just about reducing your tax bill, it’s also about providing you with peace of mind that your loved ones will be taken care of when you are no longer here.


As you enter later life, your thoughts may turn to how you pass on your wealth. You may have concerns regarding Inheritance Tax and questions about gifting.

We are an award-winning tax efficiency advice firm.

That means we have been recognised as demonstrating exceptional knowledge and skills when it comes to finding tax-efficient solutions that work for our clients.

We know it isn’t always easy to discuss what you’d like to happen to your wealth after your death. However, having conversations earlier rather than later has many benefits. Being fully informed of your options allows you to make decisions that will benefit your loved ones in the short, medium and long term. It can mean more of your wealth going to those you choose, rather than the tax office, and immediate benefits for younger generations if you choose to gift during your lifetime.

However, navigating the complex laws around Inheritance Tax, estate planning and the setting up of trusts is tricky and requires expert financial advice. We offer high-quality technical advice and an understanding, listening ear. We know these aren’t the easiest of topics to discuss, but we’re passionate about helping families gain from the benefits of financial planning.

Working with you to gain a good understanding of what matters most to you, we will ensure your loved ones benefit from your legacy in a way and at a time of your choosing. And that, crucially, whatever legacy you choose to pass on, it does not impact your ability to enjoy your own life today.

Please note: Wills and Inheritance Tax are not regulated by the Financial Conduct Authority.

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    Ensure your wealth goes to those you love, in line with your wishes.

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    Gain peace of mind that your family will continue to be provided for after your death.

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    Plan your estate tax-efficiently.

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    Understand the rules on Inheritance Tax and ensure more of your wealth stays in your family.


Six things you can do to reduce your Inheritance Tax (IHT) bill

Number 1


If you want to share your wealth and see the results while you’re still alive, gifting can be a good option. Small gifts to family and friends from your everyday income are not liable for IHT, and larger gifts to spouses or civil partners are also exempt. You can give away up to £3,000 a year without it being liable to IHT, but potentially any value gift can be exempt from IHT if you don’t die within seven years of making it. It’s important to always speak to a financial planner if you wish to gift a large sum or asset such as property.

Number 2

Gift property and pay rent

Gifting a property but remaining resident in it does not exempt it from IHT. However, there is a way to gift a property and remain living there, by paying rent to the new owners. However, the rent paid will need to be at market value. You will also need to remember that the rent you’re paying may be viewed as a source of income for the recipient. As a result, they may find their tax bill increases, so it’s not an option that’s right for every family.

Number 3

Set up a trust

A trust can be an effective way to ensure your wealth is distributed in line with your wishes and also reduce your IHT bill. There are several different types of trusts, so you will need to weigh up all your options before starting the process of setting up a trust. We therefore strongly advise that you speak to a professional adviser before you take any action on this.

Number 4

Nominate pension benefits

Typically, pension plans do not form part of an estate when someone dies which means pension schemes can be an effective way to reduce your taxable estate and pass IHT-exempt wealth to your chosen beneficiaries. You can nominate younger generations of your family, not just your spouse, to receive your pension benefits. If you have no dependents, it is possible to nominate a charity to receive any remaining pension funds tax-free on your death.

Number 5

Speak to a professional adviser

The former Chancellor of the Exchequer Nigel Lawson once said, “Inheritance Tax is a voluntary tax. You can either do nothing and volunteer [your beneficiaries] to pay it, or you can take steps to avoid it.” However, it is a complex area, and there is no substitution for professional advice from an experienced practitioner when planning your IHT. As award-winning tax efficiency advisers, we will ensure your arrangements are best-suited to your personal circumstances and that you are missing no opportunities to lower the bill your loved ones will need to pay.

Number 6

Regularly review your arrangements

Life rarely stands still. We therefore strongly advise our clients to regularly review their plans and ensure developments in their own life – or changes to the laws surrounding IHT – do not leave their estate exposed to tax where it needn’t be. Without proper planning, Inheritance Tax can cost your loved ones hundreds of thousands of pounds. It is, therefore, worth spending the time to ensuring your wealth is structured and organised optimally.


Ready to talk?

If you want to know more about getting the most out of your finances for your retirement, investing or estate planning, please get in touch. You can send us an email or use the direct message box at the bottom of this page. Or call us and we can chat through your needs and, if you are ready, make an appointment to better understand how we can help.