Inheritance tax advice - recommendation

[BjornMorg]

All,

Looking to get some professional advice for inheritance tax planning i.e. minimisation of it.

Any recommendations?

[ASB]

All,

Looking to get some professional advice for inheritance tax planning i.e. minimisation of it.

Any recommendations?

Spend all your money so that tbere is none left will be highly effective.

a lot depends on how much you have. How much you expect to have etc. Some obviojs things are currently things like writing deathe benefits into trust so they never get into your estate in the first place. Your accountants will probably be able to recommend an advisor for an initial consultation.

How you approach it depends very much on your circumstances.

[TheCyclingProgrammer]

Give it all away and hope you don't die for 7 years after?

IANAFA.

[BjornMorg]

Ahhh, should have pointed out it's for my Dad.

I am helping him, help my family down the line; and so it goes...

Anyone know of a reputable firm/contact?

[ASB]

So, he is getting on a bit in years. If his financial position is sound giving away surplus now as described by tcp can be a sound strategy.

also if he has a surviving partner be cautious as to how mucb is left to him/her. This is because it will be part of their estate on death and tqxed then. There are some differences dependong on whether they are married which can also affect things.

Granting a life interest and skipping a generation on the ownership can be effective. As can setting up certain types of trust, which can gove rise to a tax charge on the way in.

I did give a bit of a hint as to how you might be recommended towards an initial consultation.

[DirtyDog]

St James Place is who my parents use for their estate planning, as well as for some investment advice.

[BjornMorg]

St James Place is who my parents use for their estate planning, as well as for some investment advice.

Do you know if these guys also provide legal expertise or is it just financiual advice
i.e. would they be able to set up and manage trusts and the like?

[DirtyDog]

Do you know if these guys also provide legal expertise or is it just financiual advice
i.e. would they be able to set up and manage trusts and the like?

I don't know, to be honest - I know my parents have some estate planning, and I know that SJP are their current main advisor. Whether SJP arranged the trust or not, I've not asked - but I would suspect that they did.

Ask SJP, though - it's free to discuss things with them.

[Scrag Meister]

All,

Looking to get some professional advice for inheritance tax planning i.e. minimisation of it.

Any recommendations?

In my experience you really need the person to be more on the ball re IHT before it becomes an issue.

My mother passed away middle of last year and she and my father had it all sorted, tenants in common, trusts etc......

No tax to pay.

It was mainly her as she was the financially organised person, not my dad, who never had 10p in his pocket.

If you are asking it may be too late to reorganise the finances.

[Jessica@WhiteFieldTax]

I would tend to avoid SJP in the first instance. Its a sales orientated financial services network.

Chat to a solicitor or accountant in the first instance - your own accountant maybe - take advice from there. For example we provide basic IHT reviews for clients then signpost on to lawyers or IFAs as necessary, most other lawyers / accountants will do similar.