Page 64 • The HERALD • 5th October 2023 v THE HERALD - Proud to be part of your community v ASK A PROFESSIONAL PRESERVING WEALTH FOR FUTURE GENERATIONS by Michael Osman, Oyster Financial Planning Starting Estate Planning early and implementing it in stages is desirable. e UK Treasury has been receiving recordbreaking Inheritance Tax (IHT) receipts. IHT receipts amounted to approximately £7.09 billion British pounds in 2022/23 compared with £6.05 billion in the previous nancial year. For individuals and families who have to pay IHT it can be emotionally challenging, o en requiring the sale of cherished family assets to settle the tax bill. is is why it’s important to plan early enough and have open conversations with your family to put your family in the best possible place. By planning ahead you can minimise tax liabilities, here are some key points to keep in mind: Lifetime Cash Flow/Financial Planning – By understanding your cash ow needs we can assist in structuring investments and creating a sustainable nancial plan. Lifetime Gifting – Gi ing in a structured advised way to reduce a potential IHT liability can be a very valuable tool. Gi s under the annual gi ing allowance and gi s out of normal expenditure are a good starting point. Trusts – Most trusts o er exibility and control over how your assets are distributed. Working with us you can explore di erent options and understand how they can help you with your wealth planning. Pensions – Pensions o er tax advantages and the potential for long term nancial security. We can help you with this and how pensions can be used in IHT planning. Protection Cover – Protecting your loved ones in the event of death or illness are crucial. We can help you choose the right solution to provide liquidity for IHT and other costs. Business Relief – If you own a business incorporating business relief into your wealth strategy can also be very advantageous. Financial Control & Estate Planning – Creating a Will ensures that your assets are distributed according to your wishes. Additionally appointing a Lasting Power of Attorney provides a trusted someone with nancial control over your assets and peace of mind if you cannot manage your a airs. Peace of Mind When you have worked hard to build your wealth, you want the peace of mind to pass this on to your loved ones. To discuss how we can help don’t hesitate to contact us. Call Oyster on: 023 8084 8410 or email: michael@ oysterfinancialplanning.co.uk Michael Osman, Oyster Financial Planning
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