Through effective estate planning we have helped one of our clients to potentially save her children an inheritance tax bill of £76,000.  We are experts in financial planning, and this is what we do for our clients in Lichfield and the wider area.

As a parent you naturally want to protect your children. You want to help them throughout their lives, and when you eventually pass away you don’t want to leave them with a large inheritance tax bill to pay. 

Unfortunately, this is what happens all too often, even if you have made a Will. The tax the Government will demand can run into many thousands of pounds. Even if you do not consider yourself to be particularly well off, when all your assets including your house are added together you could well find that the value of your estate takes you over the inheritance tax threshold. 

The client we helped was recently widowed and she has two children.  We have ensured that our client has enough income to live on, enough money to fall back on if she needs it and she has potentially saved her children an inheritance tax bill of £76,000 which they will instead put toward paying off their mortgages when their mother passes away.  The alternative would have been that the £76,000 would have just gone to the tax man! 

Inheritance tax is becoming more of an issue for more people and Philip Hammond, Chancellor of the Exchequer has written to the Office of Tax Simplification asking them to put forward proposals to reform Inheritance Tax.  The review will include looking at the current rules on making gifts including the annual threshold on gifts.  Changes to inheritance tax introduced in 2017 are designed to help people pass on more of the value of their family home to their children and grandchildren but this can still be complex in operation.  Therefore we always recommend that you seek expert financial advice from a qualified and trusted adviser. 

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested. 

Estate planning is not regulated by the Financial Conduct Authority. 

Tax treatment varies according to individual circumstances and is subject to change.

Tax Planning and Auto Enrolment is not regulated by the Financial Conduct Authority. 

Estate Planning, Wills and Power of Attorney is not regulated by the Financial Conduct Authority. 

At Four Oaks Financial Services, our initial consultation is at our cost.  Our Financial Advisers in Lichfield are based at our office in Shenstone Wood End, and would welcome the opportunity to work with you on your Lifestyle Financial Planning journey, including inheritance tax planning. 

Contact our Client Liaison Team on 01543 401029 for more information or to make an appointment.