Expert Advice

Dear Marc

We have a financial dilemma. My spouse and I are retired. We don’t want our children to have to pay 40% inheritance tax but we also might need care in the future and don’t want to have to be dependent on our children. We own a second property which is rented out and have various savings and investments. Is there a way to mitigate inheritance tax and keep control and access to our money for now ?

Mr and Mrs Cohen

Dear Mr and Mrs Cohen

Your dilemma is a common one! A competent adviser will be able to direct you through all the important issues you should consider and decisions you need to make to reduce your estate’s inheritance tax liability. Gifting to your children is an option for mitigating inheritance tax. However, this option presents two problems. Firstly, it takes 7 years for the gift to fully exit your estate for tax purposes. You might not have that long before you pass away! Secondly once you gift, you lose access and control of that money/asset. Therefore, it’s not a viable option as you would have to be dependent on your children’s generosity to meet your potential care needs. An attractive alternative option you ought to consider is investing in assets that qualify for Business Relief. The benefits of this option are that it only takes ownership of two years for those assets to be deemed exempt from inheritance tax and you can retain access and control of your money indefinitely. No gifting is required. If you hold these investments at death and they have been held more than two years, these investments will be exempt from inheritance tax. You can also use these investments to pay for your prospective care costs. Investments that qualify for Business Relief come in various forms and with different advantages and disadvantages as well as risks to each investment. Seek advice for an appropriate investment.

Marc Ovtis FINANCIAL SERVICES (FCA) COMPLIANCE

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