Wealth Preservation is about making sure that your money is in the best place possible in order to increase in value.
This can take many different forms, particularly with Tax. Whether you own a business, sorting your Investments or arranging a Pension, being Tax efficient is essential to seeing your savings grow.
Below, are some forms of Wealth Preservation
Inheritance Tax is never a nice thing to contemplate, and the last thing you want is to have your estate subjected to vast amounts of Tax when passed onto your family.
The IHT threshold is currently £325,000 per person, and married couples are able to have a joined estate of £650,000 before any IHT is payable. Any amount over the threshold will be taxed at 40%.
There are many ways that you can reduce the IHT burden, such as Charitable Giving or Trusts. A Financial Adviser will be able to help go through a bepoke IHT Plan for you , which will be as Tax efficient as possible.
The Government has created various ways for people to be able to pay less Tax, but you might not be aware of them all.
Tax can become increasingly complicated if you have multiple sources of income or you run your own Business, which can lead us to paying too much Tax for fear of paying too little.
Below are a few examples of where most Tax is wasted.
A Financial Adviser will be able to identify your Financial situation and create a plan to save you from the Tax man.
Trusts are legal entities that control assets for the benefit of an Individual or group, and there are various types of Trusts that can be set up according to your needs.
Upon the creation of the Trust you will choose one or more trustees to be responsible for the entirety of the assets. You will also choose one or more beneficiaries who will receive the assets at a time decided by you.
A Trust can ensure that, your estate is passed to the right people at the right time, and with the possibility of reducing your Inheritance Tax liability.
Trusts are complicated Financial products and you would be best served to talk to a Financial Adviser.
If you would like to discuss Tax & Inheritance with a Financial Adviser near you, please click on the button below.