Passing on wealth


My wife and I were lucky to have owned a successful private accountancy practice for a number of years. When we retired, we enjoyed the time available to spend with our children and grandchildren, without the worry that we might run out of money. However, we had a concern about the potential implications 40% Inheritance Tax (IHT) liability would have against our estate.

Both my wife and I have worked extremely hard to leave a legacy for our children and grandchildren; however a 40% bill is a substantial amount of money. We wanted to explore the best way to pass on wealth to our children and consider how the family could benefit from our wealth now.

“We are delighted with Sound Financial Planning and the considerable inheritance tax saving (potentially £400,000). We were impressed with their level of expertise and their ability to efficiently and effectively work with our existing solicitor. We would recommend their services to anyone.”

My wife and I met with Sound Financial Planning. They explained their client process, how they would initially identify our goals and objectives, then create a strategy to set us on the path towards making inheritance tax savings. We were both impressed by their refreshing approach and agreed to proceed.

The team clarified our current financial position, using a detailed computer simulated cash flow forecast. It illustrated our future cash inflows and outgoings, helping us to visualise the impact potential decisions may have.

After a number of meetings, we agreed and implemented our wealth plan strategy. This involved setting up various tax efficient trust funds for our children and grandchildren, so they could responsibly use the money now, for school and university fees. As the trustees, we retained full control of our assets, whilst benefiting from a shield from IHT after a number of years.We also take great comfort in knowing we have added protection, in the event of our son or daughter divorcing, where assets could be lost in a settlement.

We are delighted with Sound Financial Planning’s level of expertise. Thanks to the team, our estate will potentially make a £400,000 saving in ‘death taxes’. We now have peace of mind that we do not run the risk of running out of money, even in the unfortunate circumstance of either my wife or I requiring long term care.Everything was managed quickly and efficiently. In just a few short months we agreed our Plan, Sound Financial Planning implemented their recommendations and I had a meeting scheduled with our Solicitor to sort out all of the legal aspects.