My parents have had a visit from a guy from a company called Weston (IFA) after phoning a number in the Daily Mirror re Inheritance Tax Planning.
He has suggested they don't put 250K in a bond (they put it in a few days ago) and stop the bond and make it available in a current account. He will then pay them a visit re setting up a trust to avoid IHT.
Surely they can see a solicitor and set up a trust without moving their money to somewhere recommended by an IFA?
Solicitors typically charge 10K+ to set up a trust, whereas the big insurance companies do it for free, and recoup the money in fees. The latter is likely to be more robust when under attack from the chancellor.
"stuart noble" >ago) and stop the bond and make it available in a current account. He will
Be aware that trusts are not a magic solution to IHT. Whether the assets are inside or outside of a trust, I believe the PET rule (gifter must survive 7 years for zero rating) still applies.
I'm amazed by that figure, given that the majority of such trusts are relatively simple to set up. Where did that figure come from ?
Just make sure they don't recoup too much !
Daytona
and of course the first ~260K of each persons estate is free of IHT anyway.
many thanks for the background reading - will go away and do some homework
In message , Daytona writes
These days, the Life Offices get their trusts 'pre-approved' by the CTO. Solicitors dont.
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