Preserving Your Wealth for Future Generations

The UK Treasury has been receiving record-breaking Inheritance Tax (IHT) receipts, which amounted to approximately £7.09billion in 2022/23 compared with £6.05billion in the previous financial year.

For individuals and families who have to pay it, IHT can be emotionally challenging, often requiring the sale of cherished family assets to settle the tax bill. That’s why starting estate planning early and implementing it in stages is essential. Even having open conversations about estate planning with family members is beneficial but can depend on family dynamics and wealth levels.

Families should take proactive measures to minimise the possibility of facing a substantial IHT bill. By planning ahead and seeking professional advice, individual can ensure their assets are managed to minimise tax liabilities.

Creating a comprehensive wealth strategy involves conserving numerous factors.

Lifetime Cash Flow

We can help you to assess your assets and income to ensure we support your desired lifestyle throughout your lifetime. By understanding your cash flow needs, we can assist in structuring investments and creating a substantial financial plan.

Lifetime Gifting

Gifting can be a valuable tool in wealth planning, allowing you to reduce a potential IHT tax burden. We can guide you on the various gifting allowances and exemptions available, such as the annual gifting allowance and gifts from normal expenditure out of income.


More trusts offer flexibility and control over how your assets are distributed. They can also help reduce taxes on inheritance.

Protection Cover

Protecting your loved ones in the event of death or illness is crucial. Many individuals don’t fully understand Protection Insurance; you can read the answers to the most common questions about Protection here. It’s crucial to select the right protection product for you to provide liquidity for IHT and other associated costs.

Business Relief

Incorporating business relief into your wealth planning strategy can be advantageous if you own a business or have qualifying assets. We can help you to understand the eligibility criteria and how to leverage this relief effectively.

Financial Control and Estate Planning

Creating a Will ensures that your assets are distributed according to your wishes. Additionally, appointing a lasting Power of Attorney provides someone with financial control over your assets and peace of mind if you cannot manage your affairs.

Estate Planning is not a one-size-fits-all approach. Although there is no requirement to address IHT, proactive planning can minimise the tax burden on families.

Working with our award-winning team of advisors at McCrea can help you to take the early steps to reduce the risk of leaving loved ones with a larger tax bill than necessary. Why not get in touch today for a friendly chat to find out how we can help?



Information taken from the One Four Nine Wealth Magazine September/October Edition