The Solution
We conducted a three-step process which began with an initial meeting and fact find to review the overall financial position of our Client which included personal assets, such as second properties used as a holiday homes, ISA’s, his will, any gifts he is currently making, etc.
The next step involved drafting the report covering the inheritance tax position calculated today and a second set of calculations based on a forecast for 20 years in future based on the current plan devised by previous advisers.
The decisive step was issuing the report to the client, drafted in plain English and having a final meeting to discuss the report, calculations, and any queries in relation to our recommendations.
Our findings included various suggestions which could help the client save more than £1m in Inheritance tax in comparison to their original plan. Our Client now understands his IHT position far better than previously and he is keen to review the position every 12 months to be ahead of any new announcements in the budget and to ensure our recommendations are implemented to save the maximum amount of tax.
