Complex Asset Structuring & Inheritance Tax Protection
In this video, Ken Maxwell, Director at John Lamb Hill Oldridge, explains how his team navigated a highly complex client situation to provide tailored inheritance tax protection.
The Challenge
The client’s situation was relatively complicated due to the wide variety of assets and the different structures holding them. The portfolio requiring review included:
A mixture of trust assets and personal assets.
Assets that had been recently gifted down to the individual or couple.
Specific assets that attracted Business Property Relief (BPR).
A host of different asset types receive different tax treatments, all of which need to be carefully considered as part of the overarching planning.
The Process
To ensure a cohesive strategy, the team began by organising a group call with the client’s other advisors, specifically their lawyers and accountants. This collaborative step was designed to:
Ensure all parties were on the same page regarding the plan and the specific issues that needed to be addressed.
Design a bespoke protection plan tailored to the clients’ unique needs.
Ensure that the proposed solutions work within a realistic and affordable budget.
The Solution & Outcome
The firm successfully implemented protection to address the client’s inheritance tax exposure while staying within their budget. Key outcomes included:
Reviewing and successfully replacing the existing coverage the client had previously set up elsewhere.
Controlling future costs by replacing reviewable contracts that were destined to climb in premium over the years, which could have ultimately become unaffordable and lapsed.
Achieving a highly positive result at a good price, giving the client and their estate long-term security for the future.
Other Insights
‘How protection can help advisers support clients in funding or mitigating inheritance tax liabilities’ published in IFA magazine
In a recent article for IFA magazine, Holly Hill, Associate Director at John Lamb Hill Oldridge, examines the role of protection planning in supporting clients with inheritance tax liabilities. For high-net-worth and ultra-high-net-worth clients, protection [...]
Holly Hill’s insights on protection planning and financial resilience quoted in IFA magazine
We are pleased to share that Holly Hill, Associate Director at John Lamb Hill Oldridge, has been quoted in a recent IFA Magazine article: “In Focus: how can protection planning strengthen financial resilience? Expert perspectives.” [...]
Podcast: Paula Steele joins Merryn Talks Money LIVE at Bloomberg HQ to discuss “What’s eating away at inheritance money?”
The latest episode of Merryn Talks Money, featuring Paula Steele, Director at John Lamb Hill Oldridge, is now live. The discussion covers passing on inheritance to beneficiaries as well as other pertinent personal finance topics [...]