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Generational and Legacy Planning

  • December 16th 2024
  • Category: Retirement Life

Wealth preservation and transfer has become an important issue for many families today.

At Audley, we understand that there is a lot to consider to protect a lifetime of savings and investments, and this can feel overwhelming for people. Succession Wealth have shared some advice below on how to preserve your estate and mitigate the amount of inheritance tax you may have to pay. This is a sponsored article. 

If you have spent years building up your personal wealth, you will want the comfort of knowing that as much of your estate as possible will pass into the hands of your chosen beneficiaries.

The issue doesn’t only affect the very wealthy. Inheritance Tax (IHT) and legacy planning are becoming more of an issue for many of us due to rising house prices and more complex family situations.

Making provision for your loved ones is an essential part of managing your estate, and we should all prepare for the eventual transfer of our assets, regardless of any tax or legal consequences.

Estate preservation planning can ensure that your affairs are in order and that your loved ones are provided for. This is important for everyone but may be especially important for those who have complex or significant amounts of assets, allowing for a much smoother and less stressful transfer of your wealth to your beneficiaries.

Ways to preserve your estate and mitigate the amount of IHT you may have to pay include:

 

,

Wealth preservation and transfer has become an important issue for many families today.

At Audley, we understand that there is a lot to consider to protect a lifetime of savings and investments, and this can feel overwhelming for people. Succession Wealth have shared some advice below on how to preserve your estate and mitigate the amount of inheritance tax you may have to pay. This is a sponsored article. 

If you have spent years building up your personal wealth, you will want the comfort of knowing that as much of your estate as possible will pass into the hands of your chosen beneficiaries.

The issue doesn’t only affect the very wealthy. Inheritance Tax (IHT) and legacy planning are becoming more of an issue for many of us due to rising house prices and more complex family situations.

Making provision for your loved ones is an essential part of managing your estate, and we should all prepare for the eventual transfer of our assets, regardless of any tax or legal consequences.

Estate preservation planning can ensure that your affairs are in order and that your loved ones are provided for. This is important for everyone but may be especially important for those who have complex or significant amounts of assets, allowing for a much smoother and less stressful transfer of your wealth to your beneficiaries.

Ways to preserve your estate and mitigate the amount of IHT you may have to pay include:

 

,

Making a Will

A Will is the only way to make sure the money and possessions that form your estate go to the people and causes you care about. Create a Will as soon as you can and review it regularly, particularly if your circumstances change. 

,

Making a Will

A Will is the only way to make sure the money and possessions that form your estate go to the people and causes you care about. Create a Will as soon as you can and review it regularly, particularly if your circumstances change. 

,

Making lifetime gifts

A ‘lifetime gift’ is where cash or assets are given away during your lifetime. The effect of such gifts is to remove value from your estate. As such, lifetime gifts can reduce the amount of IHT due and are often used as part of IHT planning. However, there are many rules around making a lifetime gift and decisions should always be made once sound financial advice has been taken from a regulated professional.

,

Making lifetime gifts

A ‘lifetime gift’ is where cash or assets are given away during your lifetime. The effect of such gifts is to remove value from your estate. As such, lifetime gifts can reduce the amount of IHT due and are often used as part of IHT planning. However, there are many rules around making a lifetime gift and decisions should always be made once sound financial advice has been taken from a regulated professional.

,

Leaving money to charity

Being generous to your favourite charity can reduce your tax bill as it is exempt from IHT. 

,

Leaving money to charity

Being generous to your favourite charity can reduce your tax bill as it is exempt from IHT. 

,

Setting up a trust

As part of your IHT planning, you may want to consider putting assets in trust – either during your lifetime or under the terms of your Will. Putting assets in trust – rather than making a direct gift to a beneficiary – is a method for exercising some level of control around when the assets can be accessed or how they can be distributed or used.

,

Setting up a trust

As part of your IHT planning, you may want to consider putting assets in trust – either during your lifetime or under the terms of your Will. Putting assets in trust – rather than making a direct gift to a beneficiary – is a method for exercising some level of control around when the assets can be accessed or how they can be distributed or used.

,

Contact Succession Wealth

Ensuring your wealth is passed on in the most tax-efficient way and to your chosen beneficiaries can be a complex process.

If you would like more information on how Succession Wealth can help to ensure this happens in the right way and according to your wishes, please get in touch with us on 0800 051 4659 or email hello@successionwealth.co.uk

,

Contact Succession Wealth

Ensuring your wealth is passed on in the most tax-efficient way and to your chosen beneficiaries can be a complex process.

If you would like more information on how Succession Wealth can help to ensure this happens in the right way and according to your wishes, please get in touch with us on 0800 051 4659 or email hello@successionwealth.co.uk

,

Succession Wealth is a trading style of Succession Wealth Management Limited, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 588378.

Succession Wealth Management Ltd is registered in England at The Apex, Brest Road, Derriford Business Park, Derriford, Plymouth PL6 5FL: Registered Number: 07882611.

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate advice on taxation, Trusts, Estate Planning, Will writing and certain aspects of corporate services.

,

Succession Wealth is a trading style of Succession Wealth Management Limited, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 588378.

Succession Wealth Management Ltd is registered in England at The Apex, Brest Road, Derriford Business Park, Derriford, Plymouth PL6 5FL: Registered Number: 07882611.

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate advice on taxation, Trusts, Estate Planning, Will writing and certain aspects of corporate services.