Who to get advice from - for the whole picture...
Discussion
I need to do some IHT planning based on property development (windfall), personal inheritance income and long term BTL & commercial mortgage management etc. Quite a mix but they all combine to form a whole.
Have had a chat with usual IFA and tried a couple of 'specialist' solicitors but it never leads to any real conclusion or a holistic approach and i find solicitors don't want to advise on tax and accountants don't want to advise on anything legal etc - chickens and eggs! They all also assume its simpler when its quite complex given the variables and decisions that could be made. How can I tackle this issue guys and get better advice?
Have had a chat with usual IFA and tried a couple of 'specialist' solicitors but it never leads to any real conclusion or a holistic approach and i find solicitors don't want to advise on tax and accountants don't want to advise on anything legal etc - chickens and eggs! They all also assume its simpler when its quite complex given the variables and decisions that could be made. How can I tackle this issue guys and get better advice?
Ken,
Only speak with a specialist once you are pretty certain in your own mind what the big picture looks like. Have you told the planners, clearly, what you need? Namely, knitting together your master-plan. The picture in your mind might be a bit vague and woolly, but so be it - the smartest clients are invariably the ones who'll say "You know, I don't even know what questions I should be asking". I hesitate to say this, but it almost feels as if you should be producing an invitation to tender document.
In other words, you want holistic advice on a wide range of matters (identify which are desirable, which are essential), you want a trial/longstanding relationship (with 'x' deliverables), you are the sort of client who operates and thinks in 'x' way of thinking, and you want to conjoin with professionals who operate in a particular manner too. Professionals are like puppies who need house training. They need to receive clear, unambiguous parameters too, then they know how much latitude they have, and can get on with working effectively for you in pursuit of your long term goals. This means that you'll need to have a clear picture in your mind of the 'plan' which is as robust/flexible as you agree it.
You too, need to know if the way they work chimes well with you. The skill is in the subtlety and nuance of the plan, not (just) picking the wrappers and funds etc. That takes time. Are you sort of person who has an oriental planning mindset? Ask them how they work! Me, I'm a reflector, it can drive some clients absolutely scatty as I ponder to decimate and punch holes in my own positions and look for weaknesses. My only caveat to all of that would be, if you have a IHT liability, concurrently address that (immediately) as you more lazily consider the bigger picture and your other planning options.
Only speak with a specialist once you are pretty certain in your own mind what the big picture looks like. Have you told the planners, clearly, what you need? Namely, knitting together your master-plan. The picture in your mind might be a bit vague and woolly, but so be it - the smartest clients are invariably the ones who'll say "You know, I don't even know what questions I should be asking". I hesitate to say this, but it almost feels as if you should be producing an invitation to tender document.
In other words, you want holistic advice on a wide range of matters (identify which are desirable, which are essential), you want a trial/longstanding relationship (with 'x' deliverables), you are the sort of client who operates and thinks in 'x' way of thinking, and you want to conjoin with professionals who operate in a particular manner too. Professionals are like puppies who need house training. They need to receive clear, unambiguous parameters too, then they know how much latitude they have, and can get on with working effectively for you in pursuit of your long term goals. This means that you'll need to have a clear picture in your mind of the 'plan' which is as robust/flexible as you agree it.
You too, need to know if the way they work chimes well with you. The skill is in the subtlety and nuance of the plan, not (just) picking the wrappers and funds etc. That takes time. Are you sort of person who has an oriental planning mindset? Ask them how they work! Me, I'm a reflector, it can drive some clients absolutely scatty as I ponder to decimate and punch holes in my own positions and look for weaknesses. My only caveat to all of that would be, if you have a IHT liability, concurrently address that (immediately) as you more lazily consider the bigger picture and your other planning options.
I suggest finding a competent solicitor to look after your legal stuff - will and Inheritance Tax - and a competent accountant to deal with your ongoing Income and BTL situation. If you go to a really big city firm of solicitors or accountants they might offer you a combined service but the cost would be astronomical.
It is IMO highly unlikely that an IFA would be able to deliver what you are looking for. You need specialist input, not a generalist.
It is IMO highly unlikely that an IFA would be able to deliver what you are looking for. You need specialist input, not a generalist.
Hello Dewi,
I don't venture on to this forum often.
Expect you might have been at St Athan, but did not see your car.
I share your concern about IHT.
It seems to me that the whole conundrum has so many variables, as to make planning almost impossible.
Even the first question, when will I go, there is no answer.
I have enough liquid assets to pay tax on properties and other assets, but there is a difficulty even about that, because the money probably does not become available until after probate.
Whenever I visit a stately home that has remained in the same family for generations, I wonder what they do about this matter.
Can anyone answer that?
The clue might be that the elders seem to move to live in a cottage on the estate. Presumably giving away their estate under the 7 year rule. I can even see a problem there. Imagine a divorce after gifting property.
There might be some relief with business assets, or is that only farms? Perhaps your BTLs qualify as a business.
To an extent, I agree with rockin, but this should still happen only once objectives are clear, and after any investment strategy, drafting of trust deeds and tax advice has been firmed up. Where I might have an issue is the reference to 'any good solicitor', just as I would, any good IFA. That's why I kept my response non specific.
A planner with good understanding of the issues should be able to work with, and instruct a barrister to draft the trust deeds and (for instance) arrange the settlement for a trust, charitable foundation etc etc. That works both ways too. But these days, trusts (for instance) are underpinned by investments, tax and other legislation to a far higher degree.
No one 'trade' is worth any more or any less than another; what's required is a collegiate effort.
A planner with good understanding of the issues should be able to work with, and instruct a barrister to draft the trust deeds and (for instance) arrange the settlement for a trust, charitable foundation etc etc. That works both ways too. But these days, trusts (for instance) are underpinned by investments, tax and other legislation to a far higher degree.
No one 'trade' is worth any more or any less than another; what's required is a collegiate effort.
Rocking - you mentioned 'solicitor' and 'managing tax' in the same breath there 
Who is this person? Will my accountant agree
GingeR - lots of good points; appreciated.
Dewi1 - glad to see its not just me; what happens tends to be stasis rather than solutions!
I guess this comes down to me working out a big picture and getting a solicitor and accountant to advise on the best actions - with me being the glue? Its difficult as I never want free advice but may not actually need a financial product either...or maybe I do???
I'll get on with the day job meantime
Who is this person? Will my accountant agree GingeR - lots of good points; appreciated.
Dewi1 - glad to see its not just me; what happens tends to be stasis rather than solutions!
I guess this comes down to me working out a big picture and getting a solicitor and accountant to advise on the best actions - with me being the glue? Its difficult as I never want free advice but may not actually need a financial product either...or maybe I do???
I'll get on with the day job meantime
Ken Figenus said:
Rockin - you mentioned 'solicitor' and 'managing tax' in the same breath there Who is this person?
What I said was take Will and IHT issues to a competent solicitor and take day-to-day tax affairs to a competent accountant. It's a matter of horses for courses. Personally I don't take my car to the main dealer for wiper blades and I don't go to Halfords for specialist parts. But I use both of them when the time is right. Who is this person? Gassing Station | Finance | Top of Page | What's New | My Stuff