Despite the emotional aspect of discussing end-of-life financial planning, difficult conversations around inheritances and estate planning are critical for families to discuss in order to make better-informed decisions.
According to Time investments, as part of a recent survey, the majority of Britons aged 55 and over have no idea what their inheritance tax bill will come to when they die. These findings highlight a big issue that families are not discussing end-of-life financial planning.
Inevitably, these important financial matters will not disappear and, instead, will only cause difficulties for families further down the line.
To combat the challenges that substantial tax obligations can bring for their families, it is imperative conversations with children and other beneficiaries are had sooner rather than later. From there, long-term plans can be put in place to look after loved ones for years to come.
How we can help
We work closely with clients to formulate a long-term inheritance tax planning strategy and provide innovative bespoke solutions to fit with client’s circumstances and to protect family wealth.
To find out more about estate planning, contact our Private Client Services’ team on 01788 539000.
Check out more of our blog articles here: www.magma.co.uk/blog.