IHT Planning with Pensions and Life Assurance

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Pensions are one of the four major sources of client wealth, with homes, equity investment and businesses. IHT planning with pensions is critically important. Many clients make nominations of pensions benefits at an early stage but don’t keep them up to date when there is so much potential to use them in estate planning. Life assurance is also a great source of funds, also often overlooked in value, especially with huge changes in insurance companies, and sometimes with advisers too.

This presentation by two experienced practitioners in the estate planning field, addressing legal and financial planning aspects as well as the pure tax, aims to cover these issues in an integrated way.

• The removal of the lifetime allowance cap on pensions, due from 6 April 2024, also presents a new estate planning opportunity, following the provisions introduced in 2015/16. What does this mean for clients for IHT planning?
• How can pensions best be used to help IHT mitigation and where are the tax traps?
• How does the Residence Nil Rate Band (RNRB) and the loss of RNRB by taper affect action with pensions?
• Where do nominations of benefit and a letter of wishes fit into planning in practice?
• What is the effect for will planning and the use of trusts, including the Nil Rate Band Discretionary Trust?
• How can life assurance help? Turning income into tax free capital?
• Reviewing the tools at the disposal of clients in their estate planning, from the legal/tax planning and financial planning perspectives

Naomi Neville, Solicitor, Partner, Irwin Mitchell

Mark Pollock, Financial Planner, Partner, Evelyn Partners