Risk-free tax-planning is impossible, but the quest for minimising risk remains the primary goal of most wealthy families we meet
There are just two headline risks in tax planning: the risk of doing something, and the risk of doing nothing
You can legally plan for Inheritance Tax, and leave 100% of your family legacy to your children, or you can do nothing, and leave them just 60%. Who do you dislike more, the tax authority, or your children?
Your children didn’t choose you as parents and, by definition, you’ve already passed on some risks to them. They may already have a genetic predisposition to cancers, cardiovascular problems, diabetes, etc, or, hopefully, not
There’s voluntary and involuntary risk. The distinction’s not always obvious. More then 1 billion people still smoke, even though education has been freely available for years
Parents refusing to have their children inoculated against many preventable diseases impose their decision on their children, despite repeatedly discredited ‘evidence’
At the extreme, there’s ‘asking for it risks’ like jumping off the Kjerag Massif in Norway where, over an 11 year period, 1 in every 2,317 jumps resulted in death.!
Likely the real problem to get your head around in Inheritance Tax planning is ownership versus control. Both can be achieved. Get that sorted, and your risk questions likely will answer themselves
Each year you have 8,766 hours (adjusted for leap-years). Investing a few hours in family legacy tax planning now, then a couple of hours annual maintenance, provides complete peace of mind for your loved ones. Our Chartered Tax Advisors can even handle probate for your children
If it’s time to put our key, in your ignition, arrange your FREE power-hour discussion HERE. You’re free to accept, or refuse, and there’s no obligation whatsoever
All tax advice is provided, in writing, by a Chartered Tax Advisor
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