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Gifting, Trust Planning & Charities

Preparations to pass on your wealth and reduce the Inheritance Tax liabilities on your estate should be an important part of your overall wealth management strategy.

Arrangements can be put in to place for you to give away assets to your partner, family members or friends, to set up a trust fund or leave something to a charity.

Innes Reid are Chartered Financial Planners and have the expertise to guide you through this complex area of financial planning, maximising the Inheritance Tax saving, and saving your loved ones, or beneficiaries, a substantial tax bill!

You can give anything you own to your spouse or civil partner – ensuring your estate won’t have to pay Inheritance Tax on the value of the gift. However, giving to friends and family does have complications, so expert advice is essential.

You can place capital in Trust so that it is not subject to Inheritance Tax; this normally takes seven years, but there are ways to achieve immediate tax savings. Trusts can also protect assets (i.e. the family home) against the cost of care home fees.

Leaving funds to a charity is free of Inheritance Tax and can reduce the amount of Inheritance Tax your estate pays.

The Financial Ombudsman Service (FOS) is an agency for arbitrating of unresolved complaints
between regulated firms and their clients. Further details of the FOS can be found on its website:
www.financial-ombudsman.org.uk