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Inheritance Tax & Estate Planning

Financial planning for your future gives you peace of mind to enjoy the now. We can’t all live forever but what we can do is ensure that your loved ones inherit as much of your wealth as possible. 

If your assets are over the inheritance tax threshold, your family may have a bill to pay when you pass away. Deep Blue’s inheritance tax advisers can help. Together, we can help you to keep that bill to a minimum. 

Deep Blue are specialist inheritance tax advisers and will be able to prepare you and your family for a time when you are no longer here.

Inheritance tax advisers & future financial advice you can trust

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Success story from our inheritance tax & estate planning team

“An existing client for whom we had given pensions advice many years ago at his previous employer asked for advice regarding his elderly parent’s position. He was very concerned that when they passed away, there would be a considerable inheritance tax bill because they had read that the IHT personal allowance was £325,000. As his parent’s estate, including their house, was more in the region of £700,000. He was concerned that the family were looking at a significant tax bill.

In a very simple bit of advice, I was able to inform them that a number of years ago the legislation had changed so that spouses cannot only inherit their partner’s assets free of any inheritance tax, but they can also inherit their spouse’s unused allowance. On top of this, the clients were unaware of the introduction of the residential nil rate band and because of the way these benefits were due to be left to the family, I was able to explain that there was actually no IHT liability at all for them to concern themselves with.”

This is a great example of how financial planning does not always need to result in a product or indeed any changes for the clients and that sometimes all it needed is a little education. Prior to all the changes in IHT laws, this scenario would have resulted in the tax bill that they were concerned about.

Trusts

Protecting your assets and ensuring your wishes are followed requires the legal security of a trust which is a complicated area. At Deep Blue, we understand that leaving assets to the tax man is never the preferred option. 

Dealing with estate planning sooner rather than later will give you the peace of mind to know that after you have gone your loved ones are looked after. Qualified and experienced advisers are here to help. 

Consultations with one of our knowledgeable financial advisers can guide you through the complexities of succession and estate planning, providing you with the reassurance that your financial affairs are in order.

Inheritance tax mitigation strategies

Although the current inheritance tax allowances may seem generous, it is surprising how the value of your assets will increase over your lifetime. Ensuring that your estate is managed as tax efficiently as possible both pre and post death is essential.

There are many considerations both personal and financial that need to be taken into account before implementing an estate planning strategy. Having the confidence in an estate planning consultant will help to put your mind at ease and ensure you are comfortable with the investment decisions you are making.

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Establishing suitable estate planning

Our estate planning consultants believe that consultation with both you and your family ensures that all parties are confident with any estate planning proposals. There are lots of considerations such as:

This is not a one step process and a lot can change over your lifetime meaning regular contact with your trusted adviser is a necessity. We know that forging a dependable relationship with an adviser can take a substantial amount of time and building confidence is an essential element to this process, that is why we at Deep Blue Financial Limited pride ourselves on long lasting client relationships, client centric advice and excellent service.

It’s never too late (or too early) to speak with a financial adviser

Deep Blue Financial are committed to our clients. We will consult and provide the best possible advice, based on your specific situation. We appreciate planning for the future is a hard and emotional task, but it should not be avoided. 

Our experts are available to make this journey easier. We are proud to take a little bit of the stress and panic out of often emotional periods for our clients and their families. 

It’s never too late or too early to start planning for the future. To assess your options and speak to an expert today, get in touch with our team. 

Inheritance Tax & Estate Planning FAQs

Inheritance tax is a tax on the estate of someone who has died. The estate includes property, personal possessions, and money of the deceased. The tax is charged at 40% on the estate value that exceeds a certain threshold.

The inheritance tax threshold is a tax-free allowance known as the nil-rate band. The inheritance tax allowance currently is £325,000. If an estate is below this value no tax is payable by the person who inherits the estate. It is possible to inherit a spouse’s unused allowance.

Inheritance tax is charged at 40% on the value of a deceased’s estate exceeding the threshold allowance.