Inheritance Tax (IHT) and estate planning are critical aspects of securing your family’s financial future. Without careful planning, your beneficiaries could face a substantial tax bill—up to 40% on any assets above a threshold called ‘nil-rate band’, including property, investments, and personal belongings. However, with the right advice, you can reduce this tax burden and ensure that your wealth is passed on efficiently and in line with your wishes.
Effective estate planning involves much more than simply mitigating taxes. It’s about protecting your assets, ensuring they are distributed as you intend, and maintaining enough flexibility to adapt to changing circumstances. Whether it’s through lifetime gifting, strategic use of allowances, or other IHT reliefs, an expertly tailored plan can help you balance your present needs with your long-term goals for passing wealth to future generations.
One important consideration is intergenerational wealth planning. This approach encourages families to think beyond the traditional transfer of wealth upon death, instead looking at how resources can be shared and utilised during life. Whether helping children or grandchildren with education, property, or other expenses, this collaborative approach can be more tax-efficient while also enhancing family financial security in the here and now.
Given the complexities of IHT and the ever-changing legislative environment, it’s essential to review your estate plan regularly. Sam and his team can work alongside your existing professional advisers to ensure a coordinated and up-to-date strategy, helping to reduce your tax liabilities and provide peace of mind for you and your loved ones.
Our first meeting with you is completely without obligation. We view this as a discovery meeting, where we explore your aspirations and understand how we might assist you in achieving your goals. This meeting typically lasts half an hour to an hour.
The aim of the meeting is two-fold:
To determine if you’re on track to meet your goals and objectives, your Financial Planner will need to gather detailed information about your current financial situation. You may also be asked to sign ‘letters of authority’ (LOA), allowing us to liaise directly with your existing product providers to obtain information that may not be available in your regular correspondence.
Before any chargeable work begins, we will arrange a brief follow-up meeting. The purpose of this meeting is to:
This follow-up meeting ensures that you feel comfortable with the advice being provided, understand the reasoning behind it, and have the opportunity to ask any questions before we proceed with a formal recommendation report.
At this meeting, your Financial Planner will present a detailed Financial Planning Report, outlining the reasons for their recommendations and how your financial plan will be implemented.
You will also receive illustrations, documentation, and a reconfirmation of the costs associated with both the initial and ongoing advice and services.
Your Financial Planner will take care of all the necessary paperwork to make you a client of ours and establish your financial plans.
If your plan involves existing arrangements, your Financial Planner will work on your behalf to liaise with third parties, ensuring there are no unnecessary delays in transferring your investments or pension.
Once your investments and pensions are in place, you will receive investment certificates by post. Going forward you will receive quarterly and annual statements of your investments and pensions. You can also access your Wealth Account via the SJP App.
We take pride in building long-term relationships with our clients. Ongoing advice is essential, as your needs and objectives are likely to evolve over time. The ongoing advice fee you pay grants you access to your Financial Planner throughout the year. If your circumstances change or you wish to discuss anything, you can contact your Financial Planner at no additional cost for ad-hoc meetings.
We will reach out to you annually to schedule your formal review meeting. It is important that you engage with your Financial Planner to ensure this crucial review is conducted.
VouchedFor is an independent service which allows individuals to review their financial advisers. Berkshire Financial Planning have been highly recommended by the people we work with.
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