Image file with a title:Pensions Inheritance Tax Strategies Explained
Description
In this video, the presenter discusses strategies for managing pensions and inheritance tax, highlighting recent changes following the budget. They explore a spectrum of financial needs, from those who need to hold onto their pensions to those with other assets and income sources. Two main options are presented using examples of fictional characters Bob and Mary: investing in a £1 million life insurance policy or placing surplus income in a family trust. Trusts are recommended for their ability to avoid probate, protect family wealth, and reduce inheritance tax exposure. The video emphasizes the importance of understanding individual financial circumstances when choosing these strategies and offers assistance for personalized guidance.
Chapters
- Introduction to Pensions and Inheritance Tax
- Chancellor's Budget Speech Recap
- Spectrum of Pensions - Need vs Not Need
- Options for Surplus Pension Income
- Inheritance and Tax Implications
- Life Assurance Policy
- Investing Surplus Income in a Trust
- Benefits of Using Trusts for Family Wealth
- Conclusion and Contact Information