IHT trust for pension/life insurance
Discussion
Late thirties. 2 young kids. Between us, my wife and I have assets over £1m, largely as a result of (1) pensions, and (2) life insurance. Without these, we'd be under £1m.
Assuming we want to leave everything to our kids, is it worth setting up trust(s) for these?
Benefits as far as I can see: (1) avoid IHT (becomes more of a factor as we get older and as pensions continue to grow), (2) allows us to pass on to our kids when they reach a certain age. Downsides: cost (?), and only useful of we both die (unlikely hopefully).
Am i thinking about this the right way, and what am I missing?
Assuming we want to leave everything to our kids, is it worth setting up trust(s) for these?
Benefits as far as I can see: (1) avoid IHT (becomes more of a factor as we get older and as pensions continue to grow), (2) allows us to pass on to our kids when they reach a certain age. Downsides: cost (?), and only useful of we both die (unlikely hopefully).
Am i thinking about this the right way, and what am I missing?
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