With the average age for receiving inheritance now 61[1], beneficiaries are not only faced with the challenge of how best to utilise any inheritance but are also planning for their own retirement and later life.
Chancellor Rachel Reeves unveiled a sweeping series of inheritance tax changes in the October 2024 budget that have shaken up the UK’s estate planning status quo. The chancellor’s changes remind us that nothing is certain, especially tax legislation.
Inheritance tax and wealth transfers
If you’ve found yourself pondering your options or perhaps wondering what others may do in your shoes, the answer is that one size does not fit all. Your circumstances, family dynamics, objectives and preferences are wholly unique to you.
We appreciate that inheritance and wealth transfers can be a sensitive topic and seem quite complex, with so many different strategies to consider. Advice is invaluable at this life stage. The solution to suit your needs is best ascertained through a thorough conversation with a professional, who will not only be able to advise you but potentially utilise options to complement your financial plan.
It is possible to reduce your inheritance tax bill, through gifting, exemptions and/or trusts. However, the potential trade-off between control of assets and the size of your inheritance tax bill means careful consideration is required. Our guide will help you to get a better understanding of the options you have.
About Quilter Cheviot
Our reputation as a wealth manager has been built over 250 years thanks to exemplary personal service and our drive to build and preserve the wealth of clients. Quilter Cheviot’s Financial Planners take the time to fully understand your circumstances and objectives and develop a tailored financial plan to achieve your financial goals.
We hope this guide provides you with insights and options to achieve financial peace of mind.
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