Estate Planning Advice

Estate planning is not simply about passing on money when you die, it’s important to start planning as early as possible to not have an impact on your financials and enjoyment of life. Our advisors help you work out how much money need, how to pass on your assets in the most effective way and help you manage the inheritance tax bill.

What is estate planning?

For individuals who are approaching later life, it is not uncommon to be concerned about the impact your inheritance tax will have on relatives. Estate planning offers a solution for you to prepare your finances in a way that ensures your assets are protected for loved ones once you pass on.

Estate planning helps you to avoid or reduce the amount of inheritance tax that will have to be paid. Usually, inheritance tax is charged at 40% on anything above the £325,000 nil band rate. So by getting proper estate planning advice in order to manage your assets effectively, the cost is quickly outweighed by the savings made on inheritance tax payments.

At RH Financial Consultant, we are committed to providing clear, professional advice for individuals and their families who are considering later life financial planning.

Inheritance tax advice

By taking action early on for your estate planning, more of your money is going to beneficiaries and less paid in tax. Our expert inheritance tax advisors use many ways to reduce or even eliminate the inheritance tax bill, using methods such as;

  • Taking out the right life insurance policy
  • Making gifts
  • Using tax-efficient investments
  • Using other assets to provide a retirement income and passing on your pension

Inheritance tax planning

Inheritance tax was introduced by the government in 1986 to replace capital transfer tax. Paid upon death, it is calculated against the value of your remaining assets on anything over £325,000, including property, belongings and savings. Recently, more and more people are looking to protect their assets from the impact of inheritance tax, enabling them to ensure they can leave as much as possible to loved ones once they pass.

In addition to making use of the various inheritance tax reliefs and thresholds, there are a number of things you can do to help avoid paying inheritance tax. By speaking to one of our specialist inheritance tax advisors we can help you properly manage your estate planning to offer the best possible financial solution for your situation.

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Protecting your assets

Planning your estate effectively offers you and your family complete peace of mind for the future. The earlier you start making provisions for your inheritance, the better. Provisions to help protect your estate can be made through wills, the use of specialist trusts and more.

Estate planning is one of the most effective ways to protect your loved ones from paying too much inheritance tax and it could even help you from paying any at all. This is because, with help from a specialist estate planning advisor, you are able to review all your assets early on and outline your wishes. From here, you will be able to divide your estate intelligently based on the current legislation and rates of taxation.

Specialist estate planning consultants

Depending on the complexity of your circumstances, our tailored estate planning advice can differ. Typically it is a fairly straightforward process, but by helping you understand the different options available we can take a somewhat daunting and complex process and turn it into a clear, straightforward plan of action in the best interest of you and your family.

We conduct a thorough review of all your assets and financial situation, taking into account any pension, property investments, life insurance, business and savings you have. From this, we take into account all your future needs and personal preferences to paint an accurate picture of your financial status and work out the impact inheritance tax will have.

By choosing our estate planning consultancy service we work together with you to discover the most effective way to protect your assets and pass them onto loved ones. Get in touch today with a friendly, helpful member of our team and never worry about estate planning again.

R H Financial Consultants Ltd do not offer Inheritance Advice

Estate planning is not regulated by the Financial Conduct Authority

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