Inheritance-Tax Planning
Experienced Team
Tested knowledge
Independent Advice
Free from external influence
Clear Communicators
Empowering informed decisions
Client-Orientated
Attentive service
An emotive issue:
Leaving a legacy can be an emotive issue. After a lifetime of tax-paying, many clients are concerned with their plans to pass wealth on to their loved ones instead of the Government, and how they have been affected by recent developments.
As time passes, and the rules keep changing, and this can be a cause of worry and stress.
Being informed about your options, defeating the myths, and achieving clarity can help replace this worry and stress with a solution: a workable plan that allows financial security for you and a legacy for your family.
Inheritance Tax Planning Case Study 1
The problem – Securing a legacy:
Client LJ lost her husband several years previously. She has 2 adult children, one with a serious medical condition. She is deeply committed to passing on as much of her wealth to them instead of HMRC.
From her own research into the subject, she was aware of trusts having a part to play in this process, but was also unhappy to give her wealth away during her lifetime, as she needed to make sure her own financial security was established first.
Watching the trend in Inheritance tax policy over time, she was spurred to take advice by the October 2024 budget, as the complexity of the situation led her to conclude that she needed professional advice.
The solution:
Working with TFM allowed LJ to understand her options in full, and to make use of a combination of different strategies to achieve the right balance of access to, and ongoing control of, her assets, whilst at the same time generating inheritance tax savings.
LJ was deeply gratified to understand that giving her assets away into trust was not the best solution for her, and that alternative opportunities were faster, cheaper, and more tax-efficient.
The outcome for LJ was to re-arrange her assets, whilst also generating six-figure savings in the projected IHT liability of her estate.
Inheritance Tax Planning Case Study 2
The problem – Receiving an Inheritance where no inheritance tax planning has been undertaken:
Client JJ received a substantial inheritance when a close relative passed away.
JJ was concerned about his own estate, and his inheritance tax position, before he became a beneficiary.
The solution:
Working with TFM allowed him to consider how to deploy the capital to best serve not just AB, but future generations.
Using a combination of a deed of variation, and the creation of a new trust, JJ was able to
establish control over the capital without increasing their own inheritance tax problem, allowing them to protect and develop the capital for the next generation, securing future funding for school and university, as well as other life events.
“I was looking to remortgage to buy another property intented as a long term investment.
Greg was a tremendous support to me during this daunting process. He took time to listen and understand my long term goals of investing in property for my future. He was knowledgeable and was able to discuss alternative investment options with me to ensure I was making decisions. He helped me weigh up the pros and cons of available options. Once I decided on property investment, he was able to guide me through the remortgage minefield and was thorough in his explanations of different products. Again this was immensely useful in finding a suitable product tailored to my circumstances and needs.
I’ve now purchased my second investment property and feel more secure about my future.
The service Greg provided was truly faultless! I appreciated the attention to detail and personal touch of working with a family man who genuinely cared.
“I needed advice on my mortgage, pension and savings.
I had two mortgages, one of which had an endowment that wasn’t going to pay anywhere enough to cover the outstanding balance. Greg was a great help and offered sound advice. Greg has also handled my pension for a number of years and has given great advice with regards to my savings. I didn’t want to be too risky and the options he offered were perfect.
Following Greg’s advice I have now cleared my one of my mortgages and am well on the way to clearing the other one early. My pensions and savings are all doing well.”
“I had been recently widowed and I needed to consider my future and wasn’t sure where I was going financially.
Greg met with me and went over my circumstances and thoughts for the future. We discussed my options, where I wanted to be and when, he then came back with a flexible and workable plan.
I am now in a position where I feel less unsure about the future and comfortable that I can now make those important life changing decisions when I am ready.”
About 8 years ago I turned up at Taylormade’s offices with a box of files from pensions to investments and said ‘help’. Greg walked me through the procedures and the journey I would embark on to help me achieve my financial goals. I would have no problem in recommending their services
“Greg has helped me over the years with a range of financial advice: pension, investments following the sale of property, and planning for the future.”
“Thanks again for your financial planning and nous that has got me to the point where I can think seriously about a decent standard of living in retirement. I really didn’t think that was ever likely to happen and it certainly wouldn’t without your direction.”
“We recommended (she) spoke to you about her pensions after the amazing job you did for us and continue to do with our savings.”
“We had recently sold our business and I was looking for some financial advice regarding pensions, investments and savings.
By introducing tax efficient investments and investment ISA’s, consolidating several pensions I had into one fund and providing safe, low risk investment opportunities for the funds that I was looking to utilise.
Despite the volatility of the stock market we have been very pleased with the progress to date of the various investments. The tax benefits of the VCT and EIS investments certainly helped to mitigate the capital tax charges following the sale of the business.”
“Taylormade Financial Management has been of huge assistance to me in organising my various financial affairs, including pensions and investments in a tax efficient manner. I would strongly recommend Taylormade for a bespoke, professional and impartial service”
“You are the only person I know who can make pensions sound interesting.”
“Initially we needed to remortgage, Greg and his team were extremely helpful throughout this process. We then approached Greg to give us advice on our current pensions and arrange for a savings and investment review, again the professionalism and expertise were second to none.
His team found us a very competitive mortgage, the advice and information was superb. Gregs help with our pensions has been superlative, he has explained exactly how he can help and has kept us up to date with any and all details.”
“I needed to combine several pensions into one place and pent several hours over a couple of weeks advising me of my options while taking care to listen to all my needs.”
“I had a number of pensions that I wanted to consolidate in preparation for retirement. I also needed to assess how much income I could generate from pensions and how my other investment could add to retirement income.
I now have a small consolidated portfolio invested in drawdown and a stocks and shares ISA with which I am willing to take more risks. Greg understands that I like to manage my own portfolio and regularly discusses the economy and different investment options related to my risk profile. He guides my investment rather than doing it all for me. He has also helped me to secure mortgages on investment properties.”
You never bulls*it me, and I always get consistent advice.
“Now was the time to step up my pre-retirement planning and with the complexities of pensions and planning for this critical stage in my life having a professional to guide me was essential.”
Keeping your plan current, and making sure it adapts to changes in the world around it as time passes is necessary.
Staying on top of developments in tax law, and understanding how you will be impacted is essential.
We have the expertise to help you interpret changes as they come, and therefore allow your plan to react accordingly.
Arrange a no-obligation chat
If you would like to discuss your needs and how we can help you, do reach out. We can offer you a confidential discussion with no obligation, in person or via video call.