In this episode, we break down why inheritance tax can result in the same wealth being taxed twice, and why doing nothing is often the most expensive option of all.
We cover:
– Why inheritance tax can wipe out over 33% of a family estate, even after a lifetime of income and capital taxes
– The key reasons to consider gifting assets during your lifetime, including protecting today’s thresholds and future growth
– How control can be retained using trusts and family partnerships, while still reducing tax
– Other powerful planning tools, including familial allowances, exempt assets, and Fair Deal planning
00:00 Introduction to the Unfair Tax
02:24 Gifting Assets: Benefits and Concerns
03:33 Tax-Free Thresholds and Political Vulnerability
06:06 Midlands Client
09:15 Fair Deal and Residential Care
10:14 Calculating Your Financial Freedom Number
13:26 Trust Funds and Family Partnerships
16:52 Exempt Assets: Art, Heritage Property, and Forestry
22:27 Final Thoughts
Credit to : Ask About Wealth