Case Study – Sylvia

Being introduced to Sylvia in 2004, I met with an elegant, very astute lady aged 70 who recently had been widowed.

She had a potential Inheritance Tax (IHT) liability on her total assets of £688,000 of £170,000 as at the time her Nil Rate Band allowance was £263,000. At this time, you could not use your late spouse allowance, if assets were left to the remaining spouse.

Her late husband had 2 grown up children and she herself had 3. The Will stated that she would inherit his assets in full, whilst she would prefer his children to inherit as well.

We recommended that she saw a solicitor to arrange a ‘Deed of Variation’ to amend his Will, making her more comfortable with how the assets would be divided. His children received part of his Estate. Then we reviewed her income and expenses and recommended options as to how she could mitigate this IHT potential liability.

These included gifting funds to the family, enjoying her wealth by spending on holidays and investing in various investments that are IHT exempt.

Regular reviews of her investments and discussing all aspects as her situation changes gives her peace of mind that she and the family benefit from the wealth accumulated through hard work and paying less tax in the future.

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