is the role of protection as part of IHT planning . A simple and relatable example that hits home with growing numbers of clients is the record number of bereaved families paying IHT on the estates of their loved ones . As these situations are likely to increase , advisers can play a key role in helping their clients and families take simple , preventative action to protect their wealth .
NOW ’ S THE TIME FOR ADVISERS TO DEMONSTRATE THEIR VALUE TO INTERGENERATIONAL PLANNING .
Demonstrating the intergenerational value of advice There are several ways to reduce IHT : passing on a family home ; making gifts earlier rather than later ; using gifting allowances ; being generous on special occasions ; making regular gifts out of income ; leaving money to charity ; passing on pensions ; setting up a trust ; putting a life insurance policy into trust . All have potential financial risks attached to them , leading to conversations about protecting the risk to protect the hard-earned savings and wealth .
Done well , these relationships could secure the profitability of an advice business for years to come , retaining the family link through protecting the accumulated wealth and funds under management . Clients without a clear intergenerational planning strategy could see their assets slowly disappear as inheritance is passed to family members with whom the adviser has no rapport .
Perhaps 2024 is the year to start focussing on the needs of the future generations of clients and bringing the value of your services to their attention .
For more information , why not visit our CPD Academy to access our wealth-focussed protection webinars : adviser . legalandgeneral . com / cpd
Legal & General Assurance Society Limited . Registered in England and Wales No . 00166055 . Registered office : One Coleman Street , London , EC2R 5AA .
Building relationships and trust with their clients ’ loved ones before , during and after the transfer of wealth opens the door to providing valuable advice about wider family needs . And this includes a focus on protection .
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