July 16, 2026
Many of Jeremy McGahan’s clients have relied on his financial advice for years, valuing his long‑term perspective. Recently, more conversations have focused on evolving estate planning needs—particularly the growing importance of managing future Inheritance Tax (IHT) liabilities to ensure wealth passes to chosen beneficiaries rather than the Treasury.
Jeremy explains, “Many people who are in retirement, or who anticipate a comfortable financial situation when they stop working, don’t consider themselves to be particularly ‘wealthy’, and they underestimate their potential IHT liability. It’s only when we run the numbers, and they see a potential bill of several hundred thousand pounds, or more, that the reality hits. Asking ‘would you prefer this money to go to your beneficiaries or to the taxman?’ usually prompts action, because the sums involved could be life-changing for future generations.”
Why should more people be paying attention to IHT?
“Several factors have pushed more estates into IHT territory,” says Jeremy. “The continued freeze on the IHT allowances, combined with growing property values, mean many more estates now have an IHT liability. And with pension funds being brought into IHT calculations from April 2027, forward planning is becoming even more important.”
How can an IFA help to minimise IHT?
Jeremy has been working with many clients to review their estate planning and identify suitable strategies. These may include gifting, trusts, business property investments and insurance policies; sometimes all of these elements together.
But estate planning is often intricate.
“For a strategy to work, every part must be assembled correctly and in the right order,” Jeremy explains. “There’s no one‑size‑fits‑all solution. Plans have to be tailored to each client’s profile, assets, and timeframe. For those who worry about their needs in later life, gifting can also be done without losing access to essential funds in case of need.” He adds, “estate planning can often be a lengthy exercise. For some clients, the plan spans 7, 14 or even 21 years. And plans need regular reviews to reflect changes in assets or legislation.
“For example, I’ve recently worked with a couple who were facing an IHT liability of over £800,000. After discussing what they wanted to achieve for their beneficiaries, we’ve put in place a plan involving a Discounted Gift Trust, a BPR fund, and a Whole of Life insurance policy to reduce future liabilities to zero, in today’s money. For it to work, the products used have to integrate and to be set up in the right sequence. This needs a lot of human experience and knowledge, which, for now, as far as I know, isn’t available in the artificial intelligence world.”
Why do I need an IFA to help me with estate planning?
For many people, the first barrier is knowing the rules, and industry jargon. Financial terminology can be daunting, and tools like trusts are often misunderstood as overly complex or expensive. In reality, they are often set up and administered by the investment providers themselves, at relatively low cost. With the right advice, trusts can be among the most powerful estate planning solutions.
Working with a Talis IFA like Jeremy means having someone who explains everything clearly and gives you confidence in your decisions. But the value goes far beyond simplifying language. An experienced adviser will look holistically at your finances and identify how different solutions fit together.
Talis IFAs have ‘whole‑of‑market’ access to financial products, and work with professional portfolio managers to ensure the underlying investments are suitable for your circumstances. Some products are not available in the ‘DIY’ marketplace because of their relative complexity. And because clients who value long term planning often stay with the same adviser for decades, sometimes across generations, Jeremy is working to ensure continuity by training a successor, with the help of the Talis team.
As he says, “Our clients want the reassurance that when an IFA retires, their family’s long‑term plan continues seamlessly. That’s why we train new advisers to work alongside us.”
Why do I need an IFA – can’t I do my own estate planning or leave it to my lawyer?
Estate planning is more than just a will. While lawyers are essential for drafting the legal documents, an IFA can effectively advise you on how to structure your finances.
Some people will be tempted to create their own plans using online assistance. As Jeremy says, “there’s certainly a role for the developing AI tools in financial planning. For creating efficiencies and streamlining certain tasks, such as research, it can be very helpful. But when it comes to understanding the complexities of estate planning, you need human expertise to get the most appropriate results for you and your family.”
For a very human approach to estate planning and minimising IHT liabilities, contact Jeremy for a no obligation conversation about your particular circumstances.
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