Will you have enough money to sustain you in retirement? According to the UK Poverty 2019/20 report, over 2m people live in pension poverty. This refers to when “A person’s resources (mainly their material resources) are not sufficient to meet their minimum needs (including social participation)” in retirement. The biggest subsets seem to be in London (23%) and Wales (20%), but it also affects people across the whole UK.
There is a widespread perception that using a trust can help someone avoid inheritance tax (IHT). This is not strictly true, although trusts can help with IHT mitigation when used properly. Part of the confusion lies in the wide range of trust types that exist. In this article, our financial planning team at WMM offers a brief overview of the main varieties that exist in 2021, and how they can be used in estate planning.