CHARTERED FINANCIAL PLANNERS
Estate Planning & Inheritance Tax
Your wealth. Your family. Your legacy.
The wealth you have created during your lifetime represents years of hard work, important decisions and careful planning. Estate planning is about making sure that wealth can be enjoyed by you during your lifetime and, when the time is right, passed on thoughtfully to the people and causes that matter most.
For many of our clients, that means looking beyond their own financial future and beginning to think about the next generation.
Perhaps you would like to help your children when they need it most, give your grandchildren opportunities that might otherwise be out of reach, or simply have the reassurance of knowing that your affairs are organised and your wishes understood.
At Liberty Partnership, we can help bring those ambitions together into a considered, long-term financial plan for you and your family.
Planning beyond your own lifetime
Good financial planning does not have to stop with one generation.
As your own financial position becomes established, the conversation can naturally turn towards what you would like your wealth to achieve for the people who follow you.
That might mean helping a child onto the property ladder, contributing towards a grandchild’s education, making gifts during your lifetime or creating a longer-term financial legacy for your family.
For some clients, being able to help their family today – and seeing the difference their support can make – can be every bit as rewarding as leaving an inheritance later.
We can help you explore what may be possible while considering your own financial independence and future needs. The aim is to find a balance that feels right for you: enjoying the wealth you have created, maintaining the lifestyle and security you want, and sharing that wealth with others when appropriate.
Bringing generations together
Intergenerational financial planning is about more than transferring money.
It is about understanding the people behind the wealth.
Where appropriate, we can work with different generations of your family, helping children and grandchildren understand the responsibilities and opportunities that may accompany inherited or gifted wealth.
This can also create valuable continuity. Rather than each generation making financial decisions independently, families can have a clearer understanding of the bigger picture and the intentions behind the wealth that has been created.
Our role is to help facilitate those conversations sensitively and professionally, always respecting the individual circumstances and wishes of everyone involved.
Inheritance Tax planning
Inheritance Tax can be an important consideration when looking at how wealth may eventually pass between generations, but we do not believe tax should be the starting point for the conversation.
We start with you.
What do you want to retain? What would you like to enjoy? Who would you like to help? When would you like to help them? And what would you ultimately like your legacy to look like?
Once we understand those priorities, we can consider the financial planning opportunities available and how your affairs might be structured appropriately and tax-efficiently.
Depending upon your circumstances, this might include considering lifetime gifts, investments, pensions, trusts and other estate-planning strategies as part of your wider financial plan.
The objective is not simply to reduce a future tax bill. It is to help ensure that your wealth is organised thoughtfully and, where possible, reaches the people you intend it to benefit.
Financial planning and estate planning, working together
A complete estate plan can involve both financial advice and specialist estate-planning work.
That is why Liberty Partnership works closely with our sister company, Liberty Estate Planning.
While we can help you consider the financial aspects of your estate and how your wealth fits into your wider plans, Liberty Estate Planning can provide specialist support with areas such as:
- Wills
- Trusts
- Lasting Powers of Attorney
- Estate and inheritance planning
- Probate and estate administration
- Long-term care planning
Working alongside one another allows the financial and estate-planning elements of your affairs to be considered together, while ensuring the appropriate specialist advice is provided in each area.
For further information please visit our Liberty Estate Planning website:
Visit Liberty Estate PlanningMaking sure your wishes are understood
Estate planning is not only about what happens after your lifetime.
Having the right arrangements in place can also help ensure that the people you trust are able to support you and that your wishes are understood should circumstances change.
A properly prepared Will can set out how you would like your estate to be distributed. Trusts can play a role in controlling or protecting assets for particular beneficiaries or circumstances. Lasting Powers of Attorney can allow people you trust to make important decisions on your behalf if needed.
Through Liberty Estate Planning, these arrangements can be considered alongside your wider financial planning, helping create a more joined-up picture for you and your family.
Find out more about Wills, Trusts and Lasting Powers of Attorney
A legacy is about more than money
The word legacy can sound as though it belongs to some distant point in the future.
We see it differently.
Your legacy can be the help you give your children today. The opportunities you create for your grandchildren. The values and financial understanding you pass between generations. The experiences you enjoy with your family. And, ultimately, the way the wealth you worked hard to create continues to make a difference.
That is why estate planning should not be considered in isolation. It is part of your wider financial story – one that can begin with you and continue through the generations that follow.
Because what you leave behind is important. But so too is what your wealth can make possible for the people you love today.
LIBERTY PARTNERSHIP
Let’s talk about what you would like to pass on
You do not need to have decided exactly how your estate should be arranged before speaking to us. A good place to begin is simply with a conversation about your family, your wealth and what you would like the future to look like. Together, Liberty Partnership and Liberty Estate Planning can help you consider the financial and practical aspects of your plans and take the appropriate steps towards putting them in place.
Book an initial consultation