Taisha Betz of Continuum Wealth and Tim Wall from GT Wealth Management ask whether inheritance tax planning might make a good new year’s resolution for 2020.

If you own a house and have made some sensible investments you may find yourself liable for inheritance tax. Over your life you’ll have paid income tax, sales tax and property tax and, when the time comes, you’ll probably pay for your own care needs as well. Paying another 40% in tax on the assets you leave behind may not be your preferred option. In which case getting some decent advice about managing your inheritance tax responsibilities could be a perfect New Year’s Resolution.

Research shows that many people believe that life will be harder for their children than it has been for them. However, if you don’t manage your inheritance tax situation carefully your children could find themselves accountable for a very large tax bill. Equally if you have elderly parents who need to sell their house to pay for care or if you are their beneficiary – it could be you paying the taxman.

Inheritance tax planning is challenging because it requires balancing your own needs with those of your children. To legitimately reduce current and future inheritance tax liabilities you will need to factor in a number of variables which could affect everyone involved. As a consequence, it’s important to research a provider who is an expert in this field, who is prepared to talk in plain English and who you feel comfortable talking to if your family circumstances change. As well as being up to date on the latest tax regulations, you will need someone who has the sensitivity to explain the advantages and disadvantages of the different options to all the parties involved.

If you would like to learn more about inheritance tax planning, Continuum Wealth and GT Wealth Management are running a free seminar at Lillibrooke Manor near Maidenhead at 11am or 1 pm on February 13th 2020. We will be giving our guests the facts about inheritance tax and describing some common inheritance tax challenges and solutions. The seminar will be followed by a complimentary light lunch and you can register for the event here or by calling our office on 01628 947347.

Taisha Betz is a financial adviser at Continuum Wealth. Tim Wall is an inheritance tax specialist at GT Wealth Management. GT Wealth Management is an Appointed Representative of Continuum Wealth, which is authorised and regulated by the Financial Conduct Authority.