The client was an elderly mother with an estate worth £3 million. She approached us seeking shelter from Inheritance Tax. Although she had adult children, she did not want to give away control of her assets within her lifetime. She required:
The advisor she had spoken to previously required 7-year survival (or 2-year survival in the case of BRR, AIM shares and other investments).
However, the client had a limited life expectancy and therefore securing immediate tax protection for herself and her family was paramount.
We were able to provide a structure appropriate for her limited life expectancy.
We introduced a tax structure for the client that allowed her to retain full control over her wealth and also to take from and distribute her income as she wished. Crucially, her structure protected her from IHT from day one.
Sadly, the client passed away within a year, however we were able to provide peace of mind that the wealth she was leaving behind would be protected from inheritance tax and would provide for her children and their families.