We all tend to put things off. The harder they appear to be, the easier it is to delay acting and think you’ll do it another day.
But it’s true what they say, putting off an easy thing makes it hard, and putting off a hard thing makes it impossible. While I can tell you that inheritance tax (IHT) planning is certainly not impossible, far from it, it can definitely seem challenging to many.
The implications, however, of not thinking and acting proactively enough about inheritance planning could cost you. A failure to plan could land the next generation with a tax bill which could have been reduced or avoided entirely. It is important to plan early and leave as healthy a legacy as possible.
This potential cost is not just financial either. The impact these decisions, or lack of decisions, could have on a family dynamic are significant. So, it is important to not just consider financial legacy, but how with the family, relationships and dynamics, be impacted?
This is even more important where a family set-up is unconventional or fraught. It can add to the challenge, but having a difficult conversation with family early can avoid counting the cost for the generations to follow. It also avoids leaving a mess for someone else to sort out.
What is your legacy going to be if you are not going to take responsibility for it? Discussing inheritance might be difficult but it can be made easier with the right guidance, advice, planning and execution with experienced and personable advisors.
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