The Meaningful Money Personal Finance Podcast Real Stories: Inheritance Tax Planning
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Nov 22, 2023 The podcast explores strategies for estate and inheritance tax planning, including investing in specific types of investments, utilizing inheritance tax services, and shifting investments into zero-rated ISAs. They discuss the challenges of property planning for inheritance tax and the importance of giving. Additionally, they explain the benefits of in-species transfers and discuss the process of transferring funds in an investment account.
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Creative Tax Shuffle For An Older Client
- An elderly single client moved ISAs into AIM ISAs and encashed old investment bonds to exploit tax reliefs.
- They used EIS tax relief and an accelerated IHT service with short-term life cover to neutralize income tax and secure IHT protection.
Fixing A Messy Will Just In Time
- A client brought a badly drafted will that would have failed and caused huge estate problems.
- After producing a proper 25-page will the client died six weeks later, avoiding major family conflict and costs.
Gifting Properties After A Partner Dies
- A widower resisted planning until his wife died, then agreed to gift rental properties to daughters to reduce IHT.
- The gifts reduced the eventual inheritance tax when he later passed away.