My parents had worked hard to build up a successful electronics business over 20 years. Following the death of my mother, my father and I decided to sell the business. Whilst we were reluctant to sell, we believed it was in the family’s best interest to do so. After the sale of the business, we were referred to LFP by our family solicitor for advice on reducing Inheritance Tax in the event of my father’s death.
Following our consultation with LFP, a number of inheritance schemes were recommended and put in place which would protect some of my father’s capital upon his death, and greatly reduce the level of liabilities.
We saved £500k in inheritance tax, which I know would please my parents
The schemes saved us over £500,000 in inheritance tax. This money is now invested in a Cautious Portfolio for the eventual benefit of my children, which hopefully will help them get off to the best possible start in life. I know my parents would be pleased.
(For confidentially reasons, names are withheld and some of the information in this case study has been changed.)
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