Meeting with IFA / Wealth Advisor & 2027 pension changes

segovia

We have been self-employed for 40 years, retired at 70 this year, I own my home and invested in commercial property and diverted surplus funds in to / my our SIPP's to the value of £1.5 million, house value 850k + savings. We had a meeting with a wealth advisor. IHT estimated at today's rates / regulations valuation is 70k. IHT estimated at 2027 rates, 800K. Anyone else fallen into this 2027 IHT trap and if so what are you doing, if anything ? 

gm0

There are several relevant threads already.  Some serious.  Some more light hearted.  There are many.  But this one was mine

https://forums.moneysavingexpert.com/discussion/6626266/2027-pension-reforms-revising-strategies-for-dc-drawdown-planning/p1

Focused on the large DC pot suddenly part of estate issue and the mainstream mitigation strategies.

Enjoy

Daniel54

Firstly,make sure your advisor is independent (IFA) and not a tied agent

We are the same sort of age and alreadydeep into IHT territory, but the bulk of my income is from DB pensions and the planned change on inheritability drops my SIPP value of circa £350k into my estate, which is certainly not welcome but less than you are facing

I've had all sorts of useful advice from my IFA,including such as trusts and bonds, but decided a few years ago that gifting to our children and the next generation was the way to go, both out of regular income and then larger amounts with fingers crossed over the seven year rule.

So,i don't have a silver bullet but  would encourage you to think about gifting more.If you don't have children your wife inherits free of IHT anyway.