IHT planning: big Life Ins policy ?
Discussion
Just wondering if anyone has bought a Policy that pays upon death, and thus cancels out IHT bill ?
Feasible ?
Getting bogged down with 'advisers' opinions, when just want a simple future after working so hard, yet don't really want the tax man to waste it and have the last laugh !
Thanks.
Feasible ?
Getting bogged down with 'advisers' opinions, when just want a simple future after working so hard, yet don't really want the tax man to waste it and have the last laugh !
Thanks.
Thank you. Tried an online quote with Aviva - 54 years old, £2m insurance, £400 monthly premium.....which if I add up 20 years x 12 x £400 = £100k....
Seems like a bargain.
What am I missing ??
No need to get tied up in unnecessary early Gifts, etc...and for £5k / year, problem is mostly handled.
BA
Seems like a bargain.
What am I missing ??
No need to get tied up in unnecessary early Gifts, etc...and for £5k / year, problem is mostly handled.
BA
Hi Ginge R,
Thanks for those thoughts. Briefly, divorced / single, gifting started with 1m, but whilst some way to go, age 54 I can see there will soon be a moment when desire to retain control of companies and assets exceeds desire to gift ! Hence, the WL Ins looks very interesting...will look at the GIV too, thx. UK Ltd Co holding group, still growing, so need to buy c2m insurance cover and maybe re-assess every 5 years based on Net Wealth....so could top-up policies later.
House....would fit just under the 1m limit, but only a live in girlfriend for now, and after bruising divorce, not sure if or when I'll get comfortable with that idea....
Wills - recently sorted thru Solicitors.
Ins Policy written in Trust, yep, read that, thanks.
Was thinking, if can spend 400-500 / month, and buy even 20 years protection, gives me time to continue building the business, yet at the same time, edge up the Gifts, and see where I am in 10-15 years from now. The Whole Life also makes a lot of sense, as can just ignore a large IHT %....
OK, as usual, PH sets a roadmap, now to dig a little or get some professional help.
Cheers. BA
Thanks for those thoughts. Briefly, divorced / single, gifting started with 1m, but whilst some way to go, age 54 I can see there will soon be a moment when desire to retain control of companies and assets exceeds desire to gift ! Hence, the WL Ins looks very interesting...will look at the GIV too, thx. UK Ltd Co holding group, still growing, so need to buy c2m insurance cover and maybe re-assess every 5 years based on Net Wealth....so could top-up policies later.
House....would fit just under the 1m limit, but only a live in girlfriend for now, and after bruising divorce, not sure if or when I'll get comfortable with that idea....
Wills - recently sorted thru Solicitors.
Ins Policy written in Trust, yep, read that, thanks.
Was thinking, if can spend 400-500 / month, and buy even 20 years protection, gives me time to continue building the business, yet at the same time, edge up the Gifts, and see where I am in 10-15 years from now. The Whole Life also makes a lot of sense, as can just ignore a large IHT %....
OK, as usual, PH sets a roadmap, now to dig a little or get some professional help.
Cheers. BA
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