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I have an inheritance tax problem. How much can I afford to give away?


A great question which, understandably, is incredibly difficult to answer.

Your lawyer can give you great estate planning advice involving trust planning and utilising wills etc. but they will normally shy away from answering this question.

Likewise, your accountant can undertake some impressive tax planning but is unlikely to commit to a specific figure.

Your financial adviser may be able to help. But only if you have the right financial adviser.

A Financial Planner armed with lifetime cashflow modelling software can model various “what if” scenarios showing the implication of giving money or spending it or setting up a Trust arrangement.

They can show you whether you can indeed afford to give money away at all or whether a series of smaller gifts over time might be more beneficial.

Clearly some assumptions will have to be made and any financial plan implemented needs to be reviewed on a regular basis but the output can be hugely enlightening.

Granite Financial Planning offer such a service and Paul Gibson has been named Runner Up in the Inheritance Tax Planner of the Year category in the FT Money Management Financial Planner of the Year awards on two separate occasions.

Estate planning can be incredibly complex and one professional may not necessarily have all the answers. By working together financial planners, lawyers and accountants can help provide a better overall solution.

If you would like to have a chat about your estate planning issues, please contact us.

Granite Financial Planning Ltd is Authorised and Regulated by the Financial Conduct Authority | FCA No. 734432.
Registered in Scotland | Registered no. SC522812 | Registered address: Banchory Business Centre, Burn O’Bennie Road, Banchory, Aberdeenshire AB31 5ZU | Telephone: 01330 826544 | Email This email address is being protected from spambots. You need JavaScript enabled to view it.

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The general financial planning guidance provided in this website is based on our understanding of current law and HM Revenue & Customs practice, which are subject to change in the future. Whilst every effort is made to ensure the content of this website is correct, it does not constitute personal financial advice and Granite Financial Planning Ltd cannot accept any responsibility for it. There is a risk that investment returns may not achieve the desired result. Investments can go down as well as up. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at Cookies are used on this website to record visitor numbers for analytics purposes.