It’s worthwhile doing an Inheritance Planning Review
After receiving a letter inviting me to an inheritance planning review seminar I decided to contact a financial adviser to review my parents’ potential tax bill. We went through the details of their property and assets in order to work out that there would be a liability of over £300,000. We understood that it would not be possible to move the family home outside of her estate but then still live in it, however there were various options we could consider with the rest of the portfolio. The final solution meant that my parents could hold their money in a plan which would be considered outside their estate after 7 years, they could receive an income each year of up to 10%, which they don’t have to take if they don’t want to, and in addition, if they need any more money back during the year then there was a way they could gift money to us and we would pass it back to them. There was something we could also do with their second property in Spain and all in all we were able to reduce their liability to under £20,000. This all sounds very promising and if we can do it then so can you.
