Don't let the tax tail wag the dog..

"Don't let the tax tail wag the dog" a metaphor that can sum up a lot of conversations I have been having recently.

When dealing with inheritance tax, in the main, the conversation is less about tax planning and more about legacy. Whilst as a tax adviser I am trained to undertake tax planning, calculations and present you with efficient solutions, the underlying skill is managing what for many is a very difficult conversation about legacy.

In a recent meeting it was hard. The family legacy is of utmost importance, everything that generations had worked for over more than a century to be protected for generations to come. Where the head of the family sees themselves as a 'custodian' rather than the owner.

Families have become more complex with second marriages and the new(ish) term of blended families. And the big question, "Who do we trust to manage this all when we are gone".

Sometimes, tax planning isn't about the cold hard numbers. It isn't about presenting the biggest reduction in £. It is about asking "what do you want it to look like when you are gone", listening, and then planning.

Inheritance tax planning when you work with us, always starts with the questions and education. We can provide the knowledge about how your estate will look if a death event happened, we can look at scenarios, and we can provide you with options that meet your wishes.

Tax planning is important, but it should support, not control, your strategy.