protect your wealth

Securing Your Legacy Through Financial Advisers



Posted on: 24th June 2022

As the years move on, more and more people are at risk of their savings being passed on to loved ones to falling victim to diminishment courtesy of the dreaded tax. If you are an individual who has owned your main residence for several years and has solid savings and investments, talking with independent financial advisers Cheshire to protect your wealth and transfer it effectively to your loved ones is never a better time.

Is Estate Planning Just for the Super Wealthy?

This is a common misconception that you need to be living in the world of the super-wealthy to qualify for the services of estate planning and the avoidance of inheritance tax (IHT).

This is not the case, and with property prices at the highest they have ever been, many average households are finding them likely to pay unnecessary amounts of IHT if they do not take adequate measures through estate planning.

Estate planning is a broad term for arranging your wealth, personal belongings, property and financial assets so that they can be transferred to a designated party without paying those unnecessary inheritance tax sums. This can be updating your will, arranging trusts or gifting assets or wealth, including inter-generational transfers such as an estate passing to children or grandchildren.

Can Inheritance Tax Reduce My Estate Value?

Usually, inheritance tax is payable on the total value of your estate when you die – including your belongings, property, pensions, investments, and savings. In the UK, people will not have to pay IHT on the first £325,000 of their estate value (or £650,000 for couples).

Anything above this amount is taxable at 40% and is payable before any estate is transferred. Estate planning is a process that can reduce the amount of the tax charge significantly – or even altogether with careful, professional advice and planning.

Expert Advisers on Hand

Independent financial advisers Manchester are experts in estate planning and have an insight into the many tax-efficient ways to reduce the risks of high inheritance taxes on your estate.

An IFA is a body that helps secure your legacy that you have spent a lifetime accumulating and preserving, so it is not a victim to high taxes and provides a much better financial future for your loved ones following your death.

A financial adviser can form a part of your security team with your solicitor and accountant to ensure everything is done above board and seamlessly transfers without any problems. An IFA is also a great source of advice and guidance on a variety of financial matters affecting you and your families – such as pension advice Manchester, retirement planning Cheshire and the investment market.

To protect your wealth, contact the team at Haven IFA today to help your family benefit instead of the taxman.