According to recent research, almost 80 per cent of wealth transfer experts expect the demand for advice in this area to increase in the next three years.
This figure comes after over 50 per cent of participants said that demand for this advice already increased in the last three years due to the Covid-19 pandemic.
Why the increase in wealth transfer advice?
Respondents in the study revealed that 67 per cent of their clients are now focusing on trying to decrease their inheritance tax (IHT) liabilities – and this was the reason for seeking their service.
Coming in second, 65 per cent said their clients had money to gift.
How do I decrease my IHT?
No one wants to leave a hefty tax bill on their loved ones after they pass. So, start planning now. Speak to us today about altering your Will and minimising that tax bill.
Some ways to pay less IHT include:
- Gifting while you are alive and making use of your annual allowance
- Leaving money to charity in your Will
- Leave your assets to your partner
- Leave your estate to your children or grandchildren
- Write a pension – these sit outside your estate for IHT purposes
Another way to trim your tax bill and plan adequately for retirement is by cash flow forecasting. We suggest getting expert help to ensure you plan carefully. Rules surrounding tax can be difficult to understand with all the terminology, so it pays to have good guidance on your side.
If you choose to have your wealth transfer wishes laid out in a Will, please remember it is crucial to review and potentially update it regularly, in case of any changes.
Whether you need advice on drafting or amending a Will, or tax planning, contact us today.