With increasing numbers of people retiring abroad, Fiona Murphy looks at the risks and asks how advisers are tackling estate planning issues for expatriates
It's dull, dreary and the hours of sunlight are getting shorter. No wonder retirees are flocking to live in warmer climes. It sounds idyllic, but many take the plunge before reviewing the potential impact on their estate which could leave their families with a hefty inheritance tax (IHT) bill. So how can advisers ensure their clients' dreams of living abroad do not turn into a financial nightmare for them and their intended beneficiaries? Many are unaware of the risks, or have misconceptions. People often confuse residency with domicile and so believe that once they have moved abroad, UK...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes