The Family Affair

When it comes to Inheritance Tax, families can often be reluctant to have open and honest conversations.  We were taught that there are two things that you should never discuss at the dinner table: money and politics.

With the current global pandemic, Brexit, trade wars between America and China and divisive views on climate change, it seems that politics is never off the agenda.  We want to do the same when it comes to money.  We want to encourage you to talk to your family, your beneficiaries and financial adviser; remove the taboo and understand what is important for you and your family to ensure that your wealth is passed on and used in the most efficient way.

There are so many simple steps that can be taken to benefit the next generation.  Making a Will is a critical first step as this can ensure that the money ends up with the right people.  At Gilson Gray, we have an award winning legal team that can help put this in place for you; we work alongside the team to understand your needs and objectives to make sure that you have peace of mind when it comes to financial planning.

With a small amount of planning, we can help ensure that you are making the best use of your gifting allowance from income and capital and, where appropriate, setting up Trusts for your assets and protection plans.

It is often better, and certainly more rewarding, to help your family while you are alive. Too many people are waiting too long to plan for inheritance tax planning and never see the benefits.

The best course of action is to plan for the worst and hope for the best. After all, inheritance tax is often referred to as a voluntary tax, since a considerable sum is raised each year simply because families are not putting in place plans to mitigate its effects. Our team are on hand to help you take action now to give you peace of mind.

If you would like further information on the topic discussed in this blog, please contact:

Emma by email: ebradbury@gilsongrayfinancial.co.uk

The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray Financial Management.