Budget Update:  Is Your Estate Plan Ready?

by | Nov 5, 2024 | Uncategorised

Budget Update:  Is Your Estate Plan Ready?

Post-Budget Alert: Important Changes That May Affect Your Estate Planning



Following the Autumn Budget announcement last week, I wanted to update you all personally about some significant changes that could impact your estate planning decisions, particularly if you own a business, hold rental properties, or have substantial pension funds.

 

Key Budget Impacts on Your Estate:

 

  • Business /Agricultural Assets: New measures affecting business property could influence how your business assets are treated for inheritance purposes
  • Property Portfolios: Changes that could affect landlords and property investors
  • Pension Considerations: Updates to pension regulations that might impact your legacy planning

 

Why This Matters Now:

 

The recent Budget recommendations have introduced new complexities to estate planning. For those of you who:

 

  • Have an existing Will – it’s crucial to review whether it still aligns with your wishes under the new framework
  • Haven’t yet created a Will – these changes make it more important than ever to put proper protection in place
  • Own businesses,  family farms or investment properties – your estate planning strategy may need adjustment
  • Have significant pension funds – new considerations may affect how best to pass on your wealth

 

Taking Action:

 

In times of change, having a clear strategy becomes even more critical. Here’s what you can do:

  1. Review Your Current Will: Ensure it still provides the protection you need under the new rules
  2. Create Your First Will: Don’t let these changes catch you unprepared
  3. Assess Your Business Structure: Review how your business and agricultural assets are protected
  4. Evaluate Property Holdings: Consider the impact on your property portfolio
  5. Check Pension Arrangements: Ensure your pension planning aligns with the new framework

Free 15-Minute Consultation:

I’m offering a complimentary 15-minute discussion to help you understand how these changes might affect your specific situation. This is your opportunity to:

  • Get clarity on the Budget’s impact on your estate
  • Discuss any concerns about your current Will
  • Explore options for protecting your legacy

Book your free consultation here: https://calendly.com/sallytrish/15-minute-consultation

 

Tax rules may change, but protecting your loved ones is timeless. Don’t let these Budget changes be tomorrow’s regret – let them be today’s motivation to act.

Sally Herdman – The Inheritance Guru

www.theinheritanceguru.com