Inheritance tax is a complex process that many people are unaware of. It has a potential impact on the financial legacy. By consulting an independent financial advisor, you can reduce the burden of inheritance tax on your legacy wealth.
How can a financial advisor help reduce inheritance tax bills?
A financial advisor helps provide suitable advice on assessing your estate and its value. They will consider all the assets and liabilities while making the calculation. Their role typically includes the following:
Assessment of the estate value
A financial advisor will assess the complete estate value by considering all the assets and liabilities. This will help them calculate the amount of inheritance tax liabilities you must bear.
Customised financial service
Based on the assessment, the independent advisor will provide tailored advice on structuring the assets and liabilities to minimise the amount of inheritance tax. They will provide recommendations that include gifting and setting up trust funds to help reduce the liability of the inheritance tax bills.
Planning allowances and reliefs
Financial advisors can help you plan the relevant allowances and relief you can get from inheritance tax. The advisor helps with the calculation and assessment of transferable allowances to the civil partner from the deceased partner.
Proper review
When you hire professionals for financial advice on inheritance tax, you can expect them to conduct proper reviews and regular inspections of your assets and liabilities. They are constantly updated with the laws, regulations, and personal circumstances that will change over time.
Pension related advice
Pensions are a tax-free method of passing wealth to those who have inherited it. Financial advisors can help you with proper guidance on customised pension services that you can avail of to reduce the burden of inheritance tax.
Why should you hire professionals for inheritance tax calculations?
They have the required expertise and can help you properly assess the family’s assets and liabilities. Once you’ve hired the professionals, you can have complete peace of mind knowing that the burden of estate and inheritance tax calculations is now bestowed upon the professionals. They will provide you with proper financial support throughout the process.
Do you need professional help reducing the inheritance tax burden? Contact Ingard IFM LLP for an independent financial advisor who can help you with proper calculations and reduce the burden.