Taxing The Family

Mrs S-K was in her late 70’s, and having read an article in the newspaper she became concerned about what tax her family would face on her death.

She mentioned this concern to a friend who suggested she speak to his Financial Planner, Stephen, who had advised them on a similar issue.

Having completed an analysis Stephen was able to confirm the potential Inheritance Tax (IHT) liability if she did nothing.  While the size of the likely bill was concerning, Stephen then undertook a cashflow analysis with her which confirmed that she was highly unlikely to ever need a significant portion of her accumulated wealth, even in the event of needing care at some point.

Working together with Stephen they built a plan which would not only reduce the potential IHT bill but, by ensuring that things such as her Will was updated and Lasting Powers of Attorney put in place, her estate would go to the people she wanted with minimal fuss and cost.

The plan will take a number of years to work through, and there will be a further period before the potential liability disappears altogether, however Mrs S-K confirmed during her last annual review meeting that she fells a lot happier now that she has done as much as she can to help her family.