Wealth Protection


Don’t lose a life’s work to the taxman

Help safeguard your family paying too much inheritance tax (IHT). You’ve spent years building a better life for your family but your assets could be at risk. Without a proper plan IHT could take up to 40% of your estate. At Paul Murray Investments you’ll learn proven strategies to help minimise IHT and protect what you’ve earned. This is your chance to learn what the taxman doesn’t want you to know.

Importance of Estate Planning

Many people erroneously think that their estate will automatically go to the family when they die. This isn’t necessarily the case, for example, an unmarried partner will be entitled to nothing. If no Will exists the deceased estate will be split up according to strict guidelines as laid down in the Administrations of Estates Act. This means that specified relatives only get a defined share, not necessary in line with how the deceased would like their estate shared out. This leads to long, complex and upsetting legal wrangles – the last thing anyone would have wanted.

Many people don’t realise what is taken to be their estate and what this could amount to. They fail to appreciate that it takes everything into account (e.g. cash, property, savings, shares, jewellery etc). With rising property prices and other values it’s very easy to surpass the current inheritance tax threshold of £325,000. Any amount in excess of this figure is taxed at 40%.

The four basic elements of estate planning:

  1. Making a Will (the cornerstone of any plan)
  2. Utilising your exemptions (e.g. Annual allowance, Gifts Out of Income, Potential Exempt Transfers)
  3. Tax and trust planning – creation of trusts whilst still alive is one of the ways that IHT can be minimised.
  4. Life insurance – proper insurance means family are provided for and secure after a person’s death, also potentially providing a larger inheritance for children and grandchildren.

To speak to us about how we can help you protect your wealth please Contact Us.

Read more about IHT Liability.

Please note that Tax Planning, Trusts and Will Writing are not regulated by the Financial Conduct Authority.

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