People often come to me when they are about to receive an inheritance for advice on how to manage the money they will receive. Tax is always a concern as is not wanting to waste the money that a member of the family, often parents, have saved during their lifetime. If this is you, please see the section below called Inheritances.
If you have a specific query about Inheritance Tax planning or the amount of Inheritance tax due you may wish to see the link below called Inheritance Tax.
If you have received or are about to receive a bequest or wish to learn more about Inheritance Tax planning and wish to discuss your situation please use this link to arrange a call: Choose a time that suits you from my diary here
About the author – Barry Davys MBA Dip PFS
Barry’s ambition was to be a navigator in the Royal Air Force. Having completed the training course two and half times, he was told he was not good enough. This moment of disappointment turned into one of the most pivotal moments of his life.
Changing branches in the RAF, he was then given accountancy training and went on to become the Accounts Officer of a RAF Station in the North of the UK. This was the bedrock of his financial planning career as it sparked his interest in all things financial, including investment and tax.
Barry has been an IFA in the UK and, for 17 years now, also an IFA in Spain. His greatest IHT successes have been to save £800,000 for a UK client and £400,000 potential saving each for a husband and wife. A potential saving because, thankfully, they are still alive.
Numerous people have also been grateful for his step by step approach to financial planning when they have received a bequest (inheritance). His approach is to advise against making investment decisions whilst in the initial period after a death, to ensure a proper emergency fund and then, if required securing an income with the bequest. Gifts to the family, charities, cruises etc can then all be made whilst knowing that the bequest has helped to make the recipient more financially secure, and more likely to be able to pass on some of the wealth to the next generation when their turn comes.
Barry Davys MBA Dip PFS
Partner, Spectrum IFA Group
If you have received or are about to receive a bequest or wish to discuss Inheritance Tax planning and wish to discuss your situation please use this link to arrange a call: Choose a time that suits you from my diary here