If you haven’t already started providing financial assistance to other family members, this may now become one of your main priorities. Indeed, mitigating any potential inheritance tax liabilities is often a key issue for consideration at this stage. We can help you ensure that your assets are distributed and gifted tax-efficiently to beneficiaries and fully in accordance with your wishes. You may also wish to consider using trusts and possibly other tax-efficient investment vehicles to reduce your inheritance tax liability.
If you are unable, or do not want, to make gifts or place assets in trust, consideration should be given to the various life assurance options. For example, establishing a Whole of Life cover insurance policy in trust can help beneficiaries meet any inheritance tax liability on your estate.
There may be a range of inter-generational solutions that you can consider and it may be appropriate to start involving the next generation, as well as ensuring you have your affairs in porder should anything happen. Indeed, we always recommend that you review your Will, to ensure it meets your requirements and have considered establishing a Power of Attorney too.
Wherever your journey in life takes you, our aim is to help you maximise your resources so that you can enjoy the good times and give you the advice you need when the going gets tough.
“We have been receiving advice from Paragon since the mid nineties. During this time Simon has helped us to establish trust funds to reduce our eventual inheritance tax . . . His honesty and integrity are beyond doubt . . .”
Rosemary and Hugh Digby (January 2010)