• April 19, 2024

Advance Planning Session 1 – IHT Planning in Later Life for HNW Clients

28feb9:30 am11:30 amAdvance Planning Session 1 – IHT Planning in Later Life for HNW Clients

Event Details

Dealing with an Inheritance Tax liability for a client can seem like a daunting task, given that there are various ways in which meaningful steps can be taken to either reduce or completely mitigate such a tax issue.

In this session, we will look at some of the options, comparing the pro’s and con’s of each and identifying the simple things that can be done to make a really big difference. The Residence Nil Rate Band for example is easily lost, but also easily claimed with fairly simple steps, but often neglected particularly on first death of a married couple.

Most are well aware of the 7-year rule, but ultimately this involves gifting assets away, something clients may not be totally keen on doing or perhaps something they may feel they cannot afford to do or risk the loss of access to income and assets. The 7-year timeframe in itself could be seen as a constraint where you are dealing with elderly clients.

So aside from the 7-year rule, there are other financial services offerings that can make a big difference here and in many cases, offer a tax saving without any loss of access or control of capital at all.

Pensions are an important mention here, we will therefore cover the different types including the benefits of a Flexible Pension Annuity over a standard annuity purchased as part of a usual drawdown pot. For those wealth and approaching or already over the age of 75 and with a large pension fund, wouldn’t it be good if your beneficiaries could access the fund without incurring income tax?

Flexible Life Annuities offer the opportunity to provide tax-free retirement income without losing the value of the capital after death, as is usual with a standard annuity purchase and we’ll cover the mechanics and considerations for this too.

Summary of Key Agenda Points;

1. Death planning for clients with an IHT liability

2. Brief Breakdown of the IHT problem

3. Life Insurance to cover tax liabilities

4. Gifting Assets away, the benefits of multiple trusts, buying back the RNRB

5. Business Relievable Investments

6. Pensions

a. Pre/Post 75 rules



d. Flexible Annuities



(Wednesday) 9:30 am - 11:30 am

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