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Inheritance Tax planning: 3 ways to get professional advice

8 Mar, 2022

When it comes to the dreaded Inheritance Tax, it can be hard enough just to get your head around what it is, let alone work out how much you need to pay and actually face all that paperwork! That’s why there are several different ways you can get help in sorting it all out, whether you fancy chatting to an actual human being or prefer the comfort of your own couch.

1. Traditional advice

If planning for Inheritance Tax is proving to be a complete headache, you can pay for a professional to help you (and manage some of that dreaded paperwork!) by hiring a financial advisor. These clever people can work alongside you to assess what size of Inheritance Tax bill you can expect, ways to reduce this, and how you can take advantage of gifts and exemptions to keep the taxman at bay. Head over to our Adviser Directory to find the right one for you!

2. Fixed-fee advice packages

Alternatively, you can pay for a provider to help you organise your finances in later life for a single, fixed fee. You can use these services to keep your estate as tax-efficient as possible so your family won’t get hit by any more Inheritance Tax than necessary. There are a couple of providers on the market which offer fixed-fee advice packages, but we’ve included two of our favourites.

Charles Stanley Direct

Charles Stanley Direct offers 3 packages where a professional adviser can assist you in preparing your finances for later life.

Pension Contributions

Cost: £750 + VAT

This package involves working with an adviser to plan your retirement, including how much you’ll need to save in order to live comfortably and how to make the most of your tax allowances so you can shield as much as possible from the taxman.

Drawing your Pension

Cost: £750 + VAT

This package is all about how to make the most of your retirement, where you’ll work with an adviser to decide on the best way to draw from your savings, make sure you have enough to live comfortably with, and ensure you don’t pay any more than your fair share of tax.

Estate and IHT Planning

Cost: £750 + VAT

This package is crucial if you want help on mitigating your Inheritance Tax liability. An adviser will work with you to calculate how much tax you will be expected to pay, ways that you can reduce the amount, and how you can make the most of relief and exemptions.

Bestinvest Plus

Bestinvest Plus offer 2 packages where a professional adviser can help you to prep your investment portfolio for later life.

Goal-Based Investment Advice

Cost: £295 + VAT

This package involves you working with an adviser who will recommend how to invest based on your objectives, time frame, and attitude to risk, as well as how to take advantage of tax allowances to keep as much of your hard-earned money for yourself.

Portfolio Health Check

Cost: £495 + VAT

This package is all about scrutinising your existing investment portfolio and getting a professional adviser to recommend what you might want to keep or sell, which could come in handy if you’re trying to stay below the Inheritance Tax threshold.

3. Digital Advice

Alternatively, you can walk through all the details of estate planning and Inheritance Tax with providers on an entirely virtual level by using digital advisers. These companies can help you to get all your ducks in a row from the comfort of your own home. Digital Advice services which specialise in later life planning include: abrdn, netwealth, Vanguard, and Destination Retirement. Take a look at our Digital Advice comparison table for more on all 4 of them, including how they stand up to our 5-star rating system.

More on Inheritance Tax

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