Strategies to Avoid Inheritance Tax (IHT) - The Power of a Will

If you have the benefit of working with Astute, please reach out to your financial planner with any questions. If you are new to Astute, and would like to talk about anything discussed in this video, you can contact us here https://www.videoask.com/f6b4a6ot3 In this IHT mini-series, we aim to provide you with practical strategies to allow you to make informed decisions about inheritance tax planning. In this video we will cover the importance of writing a will, and what you should consider when looking to make a gift. -------------------------------------------------------------------------------------------------------------------------- Did you know that we have recently released a free gifting record? It’s a simple tool to help you keep track of any gifts you've made during your lifetime, which can be really useful for your family if HMRC ever needs to see it for Inheritance Tax purposes. You can get a copy of our gift record here: https://www.videoask.com/f1h75jm8m Inheritance Tax planning is becoming an increasingly crucial consideration for many families with the number of estates expected to be subject to it ever on the rise. So, what can be done about Inheritance tax? In this, the second video of our IHT mini-series, we will cover the importance of writing a will. We will also look at gifting, specifically how gifting can be utilised to potentially reduce your IHT liability. Throughout this video, we refer to UK-domiciled spouses or civil partners. 0:00 Introduction 02:23 Writing a Will 04:16 Example - John and Jane 05:33 Residence nil rate band 08:10 Gifts to charity in your will 08:52 Gifting 09:16 Annual gift exemption 10:09 7-year rule 14:00 Gifts out of surplus income 💻 Socials: Website - https://www.astuteprivatewealth.co.uk/ LinkedIn -   / astuteprivatewealth   🔔 Subscribe to our channel:    / @astuteprivatewealthltd   Head of Client Proposition Elliot Unsworth CFP Chartered FCSI joined the profession over 12 years ago following completion of his maths degree. Elliot is responsible for running our Liverpool Office, is regulated to give advice, and is Chartered, Certified and a Fellow with the CISI. Head of Group Communications Hannah Kennedy AdvDipFA has worked in financial services for 8 years, following completion of her maths degree. Hannah qualified as a chartered associate of the LIBF, has completed the IMC and has passed the level 1 CFA exam.