Why do many people fail to plan for inheritance tax?

More than 3 million people expect to exceed the inheritance tax threshold of £325,000, but 74 per cent have not set up any means of mitigating the charge, a survey by Investec Wealth & Investment has warned

Table of contents

Why do many people fail to plan for inheritance tax?

Difficulties in inheritance planning

More than 3 million people expect to exceed the inheritance tax threshold of £325,000, but 74 per cent have not set up any means of mitigating the charge, a survey by Investec Wealth & Investment has warned.The survey found that 37 per cent did not want to lose access to their investments, 34 per cent were put off by the cost and 30 per cent were banking on the seven-year wait before their assets escaped IHT.A third of respondents questioned why they should have to wait seven years at all. The poll of 1460 adults aged 35 found that as a result; 2.5m face a potential IHT bill.Barry Anysz, directorof Investec Wealth & Investment, said: “Trusts have traditionally been used to shelter assets from IHT but many investors rule them out because they do not want to lose access to their investments.“On average, people only consider starting to make inheritance tax plans when they are aged 67. The older you get the more important it is to have access to your investments in case circumstances rapidly change. For example, people may end up having to use assets that had been earmarked for the next generation to pay for long-term care instead and extricating these from a trust can be complex and very expensive.”“Everybody wants access to their capital and income and not to pay inheritance tax, it is difficult without financial planning, and any IHT solution is a compromise.”As always experienced independent fee based financial advice is essential in this complicated planning area.

Join our Newsletter

Subscribe and get the latest updates about inheritance tax and Estate Planning into your mailbox.

We help people with over £1 million in current assets pay ZERO in UK inheritance tax

One stop comprehensive specialist advice - Tax, financial planning and legal advice service with 18 years experience.

What our clients say
Read our 147
    
reviews

"It is gratifying to finally come across an adviser who gives sensible ongoing advice which is very client focused."

Frank Hibberd

Retired gentleman

"It is nice to know that we can now be certain that our daughter will inherit our money without giving a large slice of it to the government ."

Tony & Sue Perriss

"Everyone's situation is different but having an initial discussion with Charles has really helped me personally navigate what can be a daunting subject."

Bobby Chadda

"I particularly want to thank you for the open and transparent manner in which you have serviced my tax planning needs since I first met you seven or so years ago. In arranging my tax planning through you, I have confidence"

Michael Mahon

Retired gentleman

"Charles was really helpful from the outset and quickly clarified our situation for us... I have used Bluebond for  IHT and other tax advice and they have been very helpful with both. Charles is a very experienced and knowledgeable individual and I highly recommend Bluebond's services."

Sam Attenborough

Retired gentleman

I have used Bluebond for setting up a discretionary trust for my children as well as inheritance tax and estate planning for my home and  other properties. Having searched for years, it was only after meeting and speaking with Charles that I felt confident enough to take these next steps, and I'm very glad I did. His ability to explain complex issues in simple terms and walk you through every step of the process is quite simply unparalleled.

Imran Qureshi

Excellent and comprehensive advice concerning all things financial in one place. Enthusiastic, Educational, Expert, value oriented, Professional and Polite are adjectives that come to mind as well as great attention to detail.

Deirdre Buckley

Inheritance tax is a minefield. Charles de Lastic of Bluebond Tax Planning is the best in the business at helping you to chart the path that is right for you to ensure your estate is structured in the most tax efficient manner.

Nicholas Dickinson

Charles provides clients with valuable insights that clearly demonstrate expertise built over the years. Charles and his team guided us through a estate planning journey and then addressing complex Inheritance Tax matters. They have been very transparent with their advice and cost. Overall an excellent service. Highly recommended

Shailesh Karia

The information contained in this web site is for UK consumers only.  Like most firms of solicitors and accountants, Bluebond Tax Planning is not regulated by the FCA. The content of this website does not constitute FCA regulated financial advice and all content is provided for general information purposes only. Bluebond is not responsible for any action you may take as a result of information on this site. All advice will be delivered on a personal basis once we fully understand your situation and our client agreements have been signed.

Copyright © 2024 Bluebond.co.uk
-
Copyright Notice
-
Legal Disclaimer
-
Terms & Conditions
-
Privacy Policy