We all have one thing in common
We can’t take our assets with us when we die. If you want to ensure that your wealth is preserved for future generations and passed on efficiently, an estate plan is crucial.
Failing to protect family wealth from Inheritance Tax could cost families thousands of pounds. However, there are various strategies and solutions to legally avoid paying this tax. While some of us may want to spend it while we can, there will be others who want to pass on some of the wealth they’ve worked hard for. For these people, managing any Inheritance Tax liability is paramount, as is making sure the money they leave ends up with the right people at the right time.
With careful planning it is possible to significantly reduce the need for your estate to pay Inheritance Tax. We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation – our children, grandchildren, nieces, nephews, and so on.
Estate preservation planning is the transferring of wealth from one family generation to the next. It’s becoming increasingly important for more people to consider succession planning and intergenerational wealth transfer as part of their estate preservation planning.