The Ultimate Guide to ESTATE PLANNING

For most of us, the ideal end game is passing away peacefully in our sleep at the age of 100, having enjoyed excellent physical and mental health, never needing long-term care and with all our financial ducks in a row. Many of us would like to spend our last penny the day before we die, but many of us would also like to give some money to our family or to the causes we care about.
Today I want to try and cover the vast area of estate planning, or at least the parts of it that most of us need to know and do, so that at least we’re armed with some good information.
SHOWNOTES: meaningfulmoney.tv/UG10
CHAPTERS:
00:00 - Intro
03:13 - 1. Inheritance is out to get you
05:02 - 2. You can give away what you want
05:36 - 3. Understand the seven-year rule
07:21 - 4. Know the exemptions
09:24 - 5. Four ways to reduce your IHT bill
11:45 - 6. Make a will
13:48 - 7. Make a WID file
14:53 - 8. Consider trusts, but only if necessary
16:19 - 9. Beware tax- or care fees avoidance schemes
19:00 - 10. Look after number one
20:49 - Meaningful Academy Launch
22:24 - Listener Review
23:30 - Outro

[@jamesgreen2442]

Very good general and practical guide. Last week I told a client to avoid a care home fee avoidance trust scheme and glad to see you agree!

[@MeaningfulMoney]

Hate them with a passion!

[@cary222]

Thanks, Pete.

[@jackj3327]

Great video Pete. Needed some of this advice for my uncle who's refusing to do a will . Thanks

[@MeaningfulMoney]

Good luck with it, Jack!

[@stephen6262]

Pete great video I have learnt a lot thank you

[@MeaningfulMoney]

Cheers Stephen!

[@beebeer]

What's the most tax efficient way to give shares to a charity? Would transfer of ownership to charity avoid any capital gain tax or is CGT unavoidable?

[@FrancesAlicia]

I’m in the process of making a WID with my family members. From my experience trusts have also become more popular with blended family’s where people tend to re marry later in life and have children from previous marriages etc xx

[@MeaningfulMoney]

Yep, that’s true. Still a complex area which requires proper legal advice.

[@FrancesAlicia]

@@MeaningfulMoney of course, just an observation

[@FrancesAlicia]

@The Whole Lot ah thanks! Your very right, I’ve been through the negative experiences of things not being done properly and hope to not have to experience it again 😊

[@AngliaDecor]

Great video thanks. How about building assets/funds in a limited company and adding the kids as shareholders in the company. The kids share could be increased over years.

[@MeaningfulMoney]

Definitely an option for some folks. Arguably not a mainstream option though...

[@Jeffybonbon]

very good video Just a not in the subject of Care home fees is it still the case if you use Insurance Bonds for investment can avoid care fees because its an insurance contract

[@MeaningfulMoney]

Yep, it is. Insurance bonds still may not be right for many people though - tread carefully!

[@majorscope]

HiPete,am i right in saying that things like classic cars etc are exempt from inheritance tax as they are viewed as chattels?.

[@MeaningfulMoney]

Not as easy as that, unfortunately. Classic cars may qualify as ‘heritage property’ and be exempt but it’s a complex area. If this is likely to apply to you, get advice before death, if possible!

[@prach6962]

Back ground music TOO loud