How to save money for your family by reducing unnecessary tax after you die

PUBLISHED: 12:16 24 September 2019 | UPDATED: 13:53 24 September 2019

Trust Matters can make it easy for people to put plans in place now and ensure they are prepared for the inevitable. Picture: Getty Images / Jovanmandic

Trust Matters can make it easy for people to put plans in place now and ensure they are prepared for the inevitable. Picture: Getty Images / Jovanmandic

MandicJovan

St Albans specialist financial advisers Trust Matters are hosting a presentation on Wednesday 9 October covering everything you need to know about inheritance tax.

On 9 October Trust Matters will discuss how they can help you restructure your assets to ensure you are saving in a smart way. Picture: Getty Images / weerapatkiatdumrongOn 9 October Trust Matters will discuss how they can help you restructure your assets to ensure you are saving in a smart way. Picture: Getty Images / weerapatkiatdumrong

The renowned saying 'nothing can be said to be certain except death and taxes' has always rung true and with revenues collected by HMRC from death duties continuing to grow - partly due to rising property prices - it's a good reminder to research, talk to experts, and make sure you've planned to reduce the tax your family is potentially liable to pay upon your death.

Managing director and financial adviser, Graham Hearnden, at Trust Matters told us more about the exclusive boardroom briefing event on Wednesday 9 October and how to reduce the tax owed on your estate.

What is inheritance tax?

Inheritance tax is the amount of money your family are taxed based on the value of your estate which is the total worth of your money, property and possessions. These items are often referred to as assets when making arrangements for your will and in the event of your death.

Who pays the tax?

It will be the responsibility of the executor of your will to pay the inheritance tax, meaning it's usually the responsibility of your children, a relative or close friend. After death they will have six months to pay the outstanding charge, if not HMRC will begin charging interest.

Why is it important to make arrangements for inheritance tax?

People don't realise their investments could be heavily deduced by inheritance tax - for example ISAs are free from capital gains tax and income tax, but could be subject to 40pc tax on death. Not many people are aware of this and can make the mistake of waiting to take action.

People can spend their lives saving and we think it's important to help them protect their money. We can make it easy for people to put plans in place now and ensure they're prepared for the inevitable.

What can people expect from the boardroom briefing event?

These exclusive events are run to help answer the burning questions people have around estate planning and reducing their liability to inheritance tax. The boardroom briefings are a great place to learn more about inheritance tax and how they can reduce the amount their loved ones will need to pay.

On 9 October, we will discuss how we can help you restructure your assets to ensure you're saving in a smart way. You can learn about inheritance tax accounts where your funds will become inheritance tax-free after two years.

Our new reversionary settlement is another exciting financial solution that can help to reduce inheritance tax deductions, while still allowing you to retain access to and control of your capital.

This year Trust Matter's autumn presentation will be held with Octopus Investments. Richard Power, head of smaller companies, will discuss his Alternative Investment Market (AIM) portfolio and clients will have a chance to hear his views on the future of the economy and its impacts on financial investments. Visit trustmatters.co.uk to find out more about how the right advice can help you.

How can Trust Matters help me plan for the future?

We specialise in estate planning and inheritance tax mitigation and offering clients professional advice.

Our aim is to make it easy for them to handle their financial matters and make the necessary arrangements to reduce the burden on their family should something unexpected happen. We work with them closely to understand their personal circumstances and find the best arrangements for them.

We offer innovative financial solutions to help clients plan for the future, without tying their money up and making sure they stay in full control and retain access to their capital.

Event Details:

Wednesday 9 October, 11am arrival for 11.30am start.

Trust Matters, Hill House, 5 Holywell Hill, St Albans, AL1 1EU.

For more information or to book your place at the boardroom briefing event, email info@trustmatters.co.uk or call the St Albans office on 01727 737610.

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