Wealth Management Matchmaker Partners with Leading Law Firm to Issue Invaluable IHT Planning and Property Guide
Weightmans LLP is a Top 45 law national firm. The Wills, Tax, Trusts and Probate Team offer bespoke wills and tax planning advice for all clients, particularly those of a high net worth.
- (1888PressRelease) August 10, 2016 - An invaluable guide outlining how UK families can mitigate the hefty Inheritance Tax (IHT) liabilities so many are incurring on their estates has been released by online matching service findaWEALTHMANAGER.com and private client law firm Weightmans.
IHT Planning and Property: Tips to Minimise Tax Before and After Inheritance is the latest in a series of eBooks produced by findaWEALTHMANAGER.com to help affluent individuals in the UK make their money work as it possibly can.
By partnering with leading law firm Weightmans on this free-to-download guide, findaWEALTHMANAGER.com aims to plug a worrying knowledge gap and help families keep more of their money out of the taxman's clutches. Incredibly, new research shows that just 14% of adults know what the current IHT threshold is, and almost a third of homeowners aged over 70 haven't even thought about IHT mitigation strategies*.
Collaborating with high-profile specialists in investments, financial planning, law and accountancy, findaWEALTHMANAGER.com has been publishing up-to-the-minute blogs, features and guides on all things wealth management since its launch in 2012, and looks forward to this IHT mitigation eBook being among its most popular ever. The topic is consistently at the top of the High Net Worth agenda and is becoming ever more relevant to even the modestly affluent as greater numbers get caught in the IHT net through property.
House prices have been rocketing, particularly in property hot-spots like London and the Southeast. The property boom means that more and more people are inheriting a family home worth several hundreds of thousands of pounds at around the time they are retiring and their children are flying the nest.
This is a situation that often comes up in conversations with users of the findaWEALTHMANAGER.com service and often serves as the trigger point for people to seek professional wealth management advice for the first time - particularly if there are other complicating financial factors like tax or pensions in view. Over 2015, a fifth of findaWEALTHMANAGER.com's users described themselves as having received a large amount of money or other assets like property.
But the property boom also means that many people may have been sleepwalking into leaving their beneficiaries with a hefty IHT bill when they pass on. While property prices have been increasing meteorically, the IHT threshold has not risen by anything like the same magnitude, nor at the same pace.
The government may have moved to up the IHT threshold to £500,000 per person - and so enable spouses or civil partners to effectively gift £1m to children or grandchildren tax-free - yet this change doesn't fully come into effect until 2020.
Today, the IHT threshold remains frozen at £325,000 per person - with anything above that subject to a punitive 40% tax. Even those who consider themselves only moderately affluent are therefore likely to have their estate caught by the IHT net once a house and even modest savings are taken into account.
Download your free copy of IHT Planning and Property: Tips to Minimise Tax Before and After Inheritance here.
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