‘Ring-fencing’ assets to protect family wealth for future generations
You may want to consider putting some of your assets into a trust for a loved one. Trusts are a way of managing wealth, money, investments, land or property, for you, your family or anyone else you’d like to benefit.
Owning a residence which you leave to direct descendants
The introduction of the ‘residence nil-rate band’ (RNRB) has made it easier for some individuals to pass on the family home. The rise in property prices throughout the UK means that even those with modest assets may exceed the £325,000 ‘nil-rate band’ (NRB) for Inheritance Tax.
Provision in place to preserve and protect your assets
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.
Achieving the right balance of control, access, flexibility and tax advantages
Inheritance Tax is a tax on an estate (the property, money and possessions) of someone who’s died. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and even your future grandchildren, but it’s important to start planning early.
You may want to keep an element of control when passing on your assets. You may want your money to be used for a particular reason, such as paying for school or university fees or for a first property deposit. Or you may just want to make sure your money stays within the family.