Leaving a legacy for my family
Make sure more goes to the people you love
When it comes to passing on your wealth, the earlier you plan, the more control you’ll have.
Changes to the tax landscape mean it’s more important than ever to work with an adviser. They’ll help you avoid rushed decisions, stay ahead of legislation, and create a plan that protects your family’s future.
The big questions to answer
Do you understand how inheritance tax works?
The standard rate is 40% on anything above your allowance, but there are exemptions and reliefs you can use.
Have you started planning early enough?
Many strategies, like gifting, require at least seven years to protect your generosity from tax.
Is your Will* and estate plan up to date?
Out of date plans can create confusion and conflict at a difficult time, and can even push up your tax bill.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
Inheritance Tax can take up to 40% of what you leave behind, but the right planning can protect more of your legacy.
Want to plan for your brighter future?
What do you need to think about?
Use your allowances
Everyone has a tax-free inheritance allowance (nil-rate band), plus an additional residence allowance for property.
The seven-year rule
Gifts made more than seven years before your death can usually be passed on free from Inheritance Tax.
Make use of gifting exemptions
Annual exemptions, small gifts, and wedding gifts can reduce the value of your estate.
Trusts and life insurance
These can help ring-fence assets and provide cash to cover any tax bill. Trusts are not regulated by the Financial Conduct Authority.'
Avoid common IHT traps
Like making large gifts but still benefiting from them, which can undo the tax relief.
Keep your Will* updated
Life changes quickly, so make sure your wishes and beneficiaries are clearly documented.
Plan for tax changes
Rules around allowances and reliefs are evolving. Working with an adviser can help you avoid knee-jerk reactions that do more harm than good.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
Will writing involves the referral to a service that is separate and distinct to those offered by St. James's Place. Wills are not regulated by the Financial Conduct Authority.
Meet our people
Meet our people
Our clients are real people, and so are we. Scroll through our team to meet the people who can build your financial plan. Not sure who might fit your requirements? Get in touch
