Inheritance tax planning - which advisers?
Discussion
My parents are of an age where IHT planning would be a good idea. They have asked me to research the topic and maybe organise an appointment with an expert to put something in place. My parents main asset is their home and a few buy-to-let properties worth in excess of the IHT threshold.
Searching the internet, it appears that accountants, IFAs and solicitors can all offer IHT planning services. I am not sure how they differ and what advantages they have over each other.
I would appreciate your experience and advice.
Searching the internet, it appears that accountants, IFAs and solicitors can all offer IHT planning services. I am not sure how they differ and what advantages they have over each other.
I would appreciate your experience and advice.
Edited by 996c2 on Tuesday 24th January 10:42
Eric Mc said:
Accountants will be most knowledgeable of the tax implications.
Solicitors will be most knowledgeable of the legal aspects.
A combination of both perhaps might be best.
Would I be right in thinking that it would be best to see an accountant first for advice on how to avoid IHT and then a solicitor to put the legal framework (trusts e.t.c.) into place? Solicitors will be most knowledgeable of the legal aspects.
A combination of both perhaps might be best.
Sorry I don't have anything to offer but I'm in the same situation so will be keeping an eye on this thread.
My uncle died a year ago and left a not inconsiderable estate to his sister (my mum). My mum is now worried about the tax bill I'LL incur when she goes so I said I'd look into it as her bright idea was to take out via atm the maximum daily limit and then keep it all at home with a note telling me where to find it when she goes!
So any advice I can get from this thread will have to be better than that surely?!
My uncle died a year ago and left a not inconsiderable estate to his sister (my mum). My mum is now worried about the tax bill I'LL incur when she goes so I said I'd look into it as her bright idea was to take out via atm the maximum daily limit and then keep it all at home with a note telling me where to find it when she goes!
So any advice I can get from this thread will have to be better than that surely?!
Most likely the correct place is www.step.org , the society of Trust and Estate planners. This body covers the relevant sector. They are generally more up to date in matters that a non specialist.
I am in a similar situation to the OP’s father, and some time ago took out professional advice on IHT planning. The conclusion from that advice, was firstly the shock horror at the required fees for setting up Wills, Trusts, Lasting Powers of Attorney etc. etc., for both myself and the other half, 2500.00 plus VAT for just setting up a pair of asset protection wills. I also came to the conclusion that to see my/our wishes realised, and hopefully to avoid IHT, it was right for us to gift to our three children property, this we have done.
Those requiring a copy of all the advice offered to me, together with the reasons and tax implications behind the advice, can PM me.
Those requiring a copy of all the advice offered to me, together with the reasons and tax implications behind the advice, can PM me.
Wings said:
I am in a similar situation to the OP’s father, and some time ago took out professional advice on IHT planning. The conclusion from that advice, was firstly the shock horror at the required fees for setting up Wills, Trusts, Lasting Powers of Attorney etc. etc., for both myself and the other half, 2500.00 plus VAT for just setting up a pair of asset protection wills. I also came to the conclusion that to see my/our wishes realised, and hopefully to avoid IHT, it was right for us to gift to our three children property, this we have done.
Those requiring a copy of all the advice offered to me, together with the reasons and tax implications behind the advice, can PM me.
But what happens if they p**s it all up the wall? Or the people they marry/maybe divorce do? You don't have any control? What happens if you need funds and they don't want you to have anything?Those requiring a copy of all the advice offered to me, together with the reasons and tax implications behind the advice, can PM me.
F458 said:
But what happens if they p**s it all up the wall? Or the people they marry/maybe divorce do? You don't have any control? What happens if you need funds and they don't want you to have anything?
Look,I can't take the money with me, and if my children choose to spend the money the way you describe, then that is my problem for choosing not to do the same, Gassing Station | Finance | Top of Page | What's New | My Stuff