Financial Protection
Protecting your financial future is crucial, and at BRI Wealth Management, we offer comprehensive financial protection services. Our expertise includes safeguarding against inheritance tax liabilities, ensuring that your beneficiaries are protected from significant tax burdens.
Protection Against Inheritance Tax
Some clients may wish to insure their inheritance tax liability for their beneficiaries. This can be beneficial where there is a significant liability as the tax due on the estate must be paid before any assets can be distributed. The cost of insuring for inheritance tax via a Whole of Life policy is expensive and may only be suitable in certain circumstances.
If a client makes a significant one-off gift during their lifetime and they wish to protect the beneficiary from any inheritance tax potentially due should they pass away prematurely, a ‘gift inter vivos’ policy can be put in place.
These policies have a 7-year term, which is the period of time where inheritance tax may become payable on any lifetime gifts should the donor die unexpectedly after making the gift. Once the 7-year period has passed, the gift is usually exempt from inheritance tax.
Protection Following Divorce
Following divorce, a review of protection arrangements should be carried out and any beneficiaries on existing or new plans should be updated to reflect current wishes. Life cover for any debt such as mortgages should be revisited to check that it is still relevant, and consideration given to protecting income in the event of long-term illness or a critical illness.
It may be necessary to consider insuring an ex-spouse where child or spousal maintenance is in place.
BRI Wealth Management is dedicated to helping with financial protection.
We can also advise you on financial protection for life events such as:
- Serious illness or disability
- Personal injury
- Job loss or redundancy
- Retirement planning
- Having children
- Buying a home
- Starting a business
- Investments and savings
- Elderly care
Get in touch
Contact BRI Wealth Management today for a free, no-obligation consultation with our expert team. Take the first step towards comprehensive later life planning by booking your appointment now.