Watch this case study where we help Fred and Ginger come up with a tax efficient estate plan, and work through how best to pass their assets worth £3m to the next generation while making sure that their quality of life is not compromised.
We consider their 3 children, one of whom has learning difficulties, and we plan for their 3 grandchildren. We explore Gifting plans, Discretionary Trusts, Resident Nil Rate Band considerations, a Vulnerable Beneficiary Trust, a Life Interest Trust and a Severance of Joint Tenancy.
We draft our solution within Arken’s industry leading estate planning software.
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As you can imagine these webinars take a lot of planning, and this one (with the working out of inheritance tax) was indeed complex. In our planning, scenario 2 got changed slightly and the true picture of the estate crept below £2m, so the full RNRB would have been applied rather than just £270k that we said in the webinar. Please find the calculations as they should have been here. Apologies for our slight error here. If you are ever in doubt on RNRB, there is a handy calculator on the .gov website https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band.