Estate Planning

Lifetime strategies to protect your hard-earned wealth

Inheritance tax (IHT) is no longer confined to the super-rich.  If, like many people in the UK, your assets exceed £325,000, being hit with a 40% bill upon inheritance can exacerbate an already stressful time for your loved ones.

Happily, with careful tax planning, you can preserve more of your estate legacy, without compromising your financial security.

Albert Goodman offers a comprehensive estate planning service. From the relatively simple to more complex, we will assess your needs and tailor a plan that meets domestic and international estate planning rules, as well as your personal, family, and business requirements.

Your peace of mind is our priority

We do not just look at mitigating IHT. During each review, we will factor in family relationships, fairness, asset protection and effective wealth transfer. Revisiting your plan during your life, we can assist with:

  • Wills – working alongside your legal adviser, acting as executor and administering your legacy to ensure your wishes are met
  • Retirement and cashflow planning – determining surplus wealth without compromising on your retirement lifestyle
  • Lifetime gifts – transferring assets at appropriate times to reduce your taxable estate
  • Placing money and assets in trusts – either during your lifetime or on your death
  • Life insurance policies – to cover the cost of IHT (written in trusts so the insurance pay-out is not added to the value of your estate)
  • Estate administration and accounting – preparing accounts and tax returns.STEP LOGO

 

Society of Trust and Estate Practitioners (STEP)

Albert Goodman Director Louise Osborne is a member of STEP. This means she is technically up-to-date and at all times she is required to act professionally with integrity and in a manner that inspires confidence, respect and trust.

 

Albert Goodman Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.

Insuring against Inheritance tax

A long-standing client had, during his career, built up a substantial property portfolio. One of these properties he had decided to gift to his son who had recently married. But he was also concerned that if his death occurred in the next few years his son might be liable for a substantial amount of inheritance tax, which could force him to sell the property which he had been gifted.

A relatively straightforward solution was found: to transfer the property, but for our client to take out a life insurance policy that was arranged specifically to pay off any inheritance tax liability which would arise on the clients death. Arranging the policy on this very specific basis enabled us to achieve the client’s objective whilst minimising the cost of the insurance premiums involved.

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