Lifetime planning ― an overview

Produced by Tolley in association with

Trusts and Inheritance Tax

Guidance

Lifetime planning from an inheritance tax (IHT) perspective is principally associated with lifetime giving. The broad aim is to reduce the value of a person’s estate and consequently the IHT charge on death.

In addition to lifetime giving, the planning might also involve structuring asset ownership to ensure tax efficient investments and enhancing 100% relief from IHT wherever possible (see the BPR overview and Agricultural property relief (APR) guidance notes). Lifetime IHT planning should also involve making best use of all IHT exemptions. See the Exempt transfers for IHT and Dispositions that are not transfers of value guidance notes.

Lifetime planning involves, firstly, a thorough fact-find exercise to uncover the full extent of the client’s assets, previous gift-making history and family circumstances. See the Fact finding - inheritance tax planning guidance note.

Secondly, it will be necessary to ascertain the client’s objectives and consider the best way in which these can be met.

Lifetime planning for wealthier clients usually involves a combination of lifetime gifts and planning

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Emma Haley

Associate at Boodle Hatfield LLP

Emma Haley is a senior associate solicitor at leading private client firm, Boodle Hatfield LLP, renowned for providing first-class and practical legal advice to wealthy clients around the world.Emma has many years experience in dealing with all aspects of wills, probate, capital taxation and succession planning as well as UK and offshore trusts. Emma currently heads up a technical know-how team and is a regular writer and lecturer on estate planning and inheritance tax and also a member of the Society of Trust and Estate Practitioners.

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