IHT Planning using Family Investment Company
Posted: April 6th, 2018, 5:00 pm
Hi,
I'm looking for a heads up on the pros and cons of setting up a FIC to hold buy to let properties (yet to be purchased) as part of a long term plan to protect wealth from IHT and ultimately pass it on to my son.
The value of our current home and that of my deceased parents that we rent out, plus liquid assets are approaching the IHT joint allowance for my wife and I. We need some protection for the balance of about £1m that is currently in stocks and giving me too much exposure to the stock market. Gradually we would sell shares, and buy property through the FIC to rent out.
An internet search turns up a number of accountants/advisors offering set up and management services and not unsurprisingly they regard FICs as the bee's knees. I'm seeking a balanced view to equip me with more knowledge before I approach an advisor.
TIA
9 fingers
I'm looking for a heads up on the pros and cons of setting up a FIC to hold buy to let properties (yet to be purchased) as part of a long term plan to protect wealth from IHT and ultimately pass it on to my son.
The value of our current home and that of my deceased parents that we rent out, plus liquid assets are approaching the IHT joint allowance for my wife and I. We need some protection for the balance of about £1m that is currently in stocks and giving me too much exposure to the stock market. Gradually we would sell shares, and buy property through the FIC to rent out.
An internet search turns up a number of accountants/advisors offering set up and management services and not unsurprisingly they regard FICs as the bee's knees. I'm seeking a balanced view to equip me with more knowledge before I approach an advisor.
TIA
9 fingers