IHT Planning

badger09

Something I’ve been considering for some time, not a knee jerk reaction. 

I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. 

Rather than possibly make things worse, I want to take professional advice. 

How do I find a suitably qualified (STEP?) IFA? I think there have been posts about how to narrow down searches for IFAs but can’t now find them. 

mybestattempt

badger09 said:

Something I’ve been considering for some time, not a knee jerk reaction. 

I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. 

Rather than possibly make things worse, I want to take professional advice. 

How do I find a suitably qualified (STEP?) IFA? I think there have been posts about how to narrow down searches for IFAs but can’t now find them. 

You may find this helpful:

https://www.step.org/about-step/public


However, @poseidon1 may be able to offer better and more specific advice.

poseidon1

I must confess I was unaware STEP had introduced an entry level certificate for financial services employees involved in  trust and estate planning, and conclude this likely  occured sometime after my retirement in 2015.

However,  trying to track down IFA firms with members holding that qualification  via the STEP directory gave rise to  slim pickings in the London area ( just 3 firms). Even then all their certificate holders were mere affiliate members who as far as  I could ascertain were on the first rung in terms of knowledge and experience.

I think for the OPs search parameters he would be best advised to seek IFAs with members holding the higher level Chartered Financial Planners qualification ( Diploma in financial Planning, RQF levels 4 &5).

The Chartered institute of which they are members is very long established, and from what I have seen of the IHT and estate planning component of their exams, its at a pretty decent level of complexity.

Member firms can be sourced via the search engines of the Chartered Insurance Institute or the Personal Finance Society - links below

https://www.cii.co.uk/membership/join-us/chartered/chartered-firm-search/

https://www.thepfs.org/membership/find-an-adviser/

badger09

mybestattempt said:

badger09 said:

Something I’ve been considering for some time, not a knee jerk reaction. 

I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. 

Rather than possibly make things worse, I want to take professional advice. 

How do I find a suitably qualified (STEP?) IFA? I think there have been posts about how to narrow down searches for IFAs but can’t now find them. 

You may find this helpful:

https://www.step.org/about-step/public


However, @poseidon1 may be able to offer better and more specific advice.

Thanks. I’d already found that but couldn’t see any way of searching geographically. So without the name of an individual or a firm I was stuck. I’ll try again tomorrow. 

Albermarle

badger09 said:

mybestattempt said:

badger09 said:

Something I’ve been considering for some time, not a knee jerk reaction. 

I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. 

Rather than possibly make things worse, I want to take professional advice. 

How do I find a suitably qualified (STEP?) IFA? I think there have been posts about how to narrow down searches for IFAs but can’t now find them. 

You may find this helpful:

https://www.step.org/about-step/public


However, @poseidon1 may be able to offer better and more specific advice.

Thanks. I’d already found that but couldn’t see any way of searching geographically. So without the name of an individual or a firm I was stuck. I’ll try again tomorrow. 

I am not an expert, but if you just wanted some general advice on minimising IHT liabilities ( assuming they are not very large) I would think any IFA could help you out.
The basic advice in any case, usually boils down to either spending more, or giving more away.
Things like trusts are best avoided, unless there are very specific reasons for them.

DRS1

I am intrigued.  Why would people look to an IFA for this sort of advice and not a solicitor?

Albermarle

DRS1 said:

I am intrigued.  Why would people look to an IFA for this sort of advice and not a solicitor?

It depends on your situation.
If for example you had a straightforward family situation and wills were all sorted and were potentially going to be say probably liable for IHT on £250K, then what do you need a solicitor for? If you were just a bit unsure about IHT rules and wanted some general  advice an IFA would be fine, (or just use MSE forums) . Especially if you had an IFA anyway.

If you had a more complicated family situation ( step families etc) or were significantly more wealthy, and wanted to draw up non standard wills, use trusts etc. then you need a Step solicitor.

badger09

poseidon1 said:

I must confess I was unaware STEP had introduced an entry level certificate for financial services employees involved in  trust and estate planning, and conclude this likely  occured sometime after my retirement in 2015.

However,  trying to track down IFA firms with members holding that qualification  via the STEP directory gave rise to  slim pickings in the London area ( just 3 firms). Even then all their certificate holders were mere affiliate members who as far as  I could ascertain were on the first rung in terms of knowledge and experience.

I think for the OPs search parameters he would be best advised to seek IFAs with members holding the higher level Chartered Financial Planners qualification ( Diploma in financial Planning, RQF levels 4 &5).

The Chartered institute of which they are members is very long established, and from what I have seen of the IHT and estate planning component of their exams, its at a pretty decent level of complexity.

Member firms can be sourced via the search engines of the Chartered Insurance Institute or the Personal Finance Society - links below

https://www.cii.co.uk/membership/join-us/chartered/chartered-firm-search/

https://www.thepfs.org/membership/find-an-adviser/

Thank you & sorry for delayed reply. Have a lot going on atm
I followed your suggestions & narrowed my search on thepfs.org site.
1st on 'local' list (over 50km away) had a link which led to error message 'Looks like this domain isn't connected to a website yet....'
2nd had link which led to error message 'This site can't be reached. Check if there's a typo...'
Not a good start.
3rd looks possible but is over 70km away 

I then read later comments and had a rethink. My replies to follow 
 

badger09

Albermarle said:

badger09 said:

mybestattempt said:

badger09 said:

Something I’ve been considering for some time, not a knee jerk reaction. 

I’m 75 and with our existing financial set up, my Estate would be subject to IHT under current rules. Small SIPP would increase IHT from April 2027. 

Rather than possibly make things worse, I want to take professional advice. 

How do I find a suitably qualified (STEP?) IFA? I think there have been posts about how to narrow down searches for IFAs but can’t now find them. 

You may find this helpful:

https://www.step.org/about-step/public


However, @poseidon1 may be able to offer better and more specific advice.

Thanks. I’d already found that but couldn’t see any way of searching geographically. So without the name of an individual or a firm I was stuck. I’ll try again tomorrow. 

I am not an expert, but if you just wanted some general advice on minimising IHT liabilities ( assuming they are not very large) I would think any IFA could help you out.
The basic advice in any case, usually boils down to either spending more, or giving more away.
Things like trusts are best avoided, unless there are very specific reasons for them.

Thanks and you're probably right. I understand the basics of IHT (Tax Inspector in previous life) but am not up to date & my research & processing skills are declining. Also tend to over think / over analyse, which doesn't help

I'm working on both your suggestions. Its the 2nd which I may need advice on. I'm also very aware of the pitfalls of Trusts

DRS1 said:

I am intrigued.  Why would people look to an IFA for this sort of advice and not a solicitor?

Thanks you've made me have a rethink. A STEP Solicitor is probably more appropriate as I need to review my will anyway.

Albermarle said:

DRS1 said:

I am intrigued.  Why would people look to an IFA for this sort of advice and not a solicitor?

.......

If you had a more complicated family situation ( step families etc) or were ...... more wealthy, and wanted to draw up non standard wills, use trusts etc. then you need a Step solicitor.

Uncannily accurate! 

I've started my search for STEP solicitors & there are several locally.

Thanks for all your comments.