If Chancellor Rachel Reeves announces even a handful of the tax rises rumoured to be under consideration in her November Budget, then the wealthiest families in the country are in for a tough time.

Last year's Budget drove many of these families to flee to lower-tax destinations such as Dubai, Monaco and Milan.

So what are they doing this time around to shield their assets from possible tax hikes - and could you learn vital tips from their careful planning?

Here, wealth managers to the rich reveal the moves their clients are making now.

First, a word of warning: no one yet knows what will be in the Budget and many of the following are complex strategies. Speak to an adviser and avoid taking knee-jerk decisions based on speculation - it's unlikely to end well.

The trick is to make changes to your personal finances that you will be happy with whether rumoured changes are announced in the Budget or not.

Protect your wealth: The trick is to make changes to your personal finances that you will be happy with whether rumoured changes are announced in the Budget or not

OFFLOADING ASSETS TO REALISE GAINS EARLIER

Affluent families are selling assets to crystalise their gains ahead of November 26 - but capital gains tax (CGT) is payable when you sell and make a profit on assets such as second homes, investments or belongings such as art.

Last year, the basic and higher rates were hiked from 10 and 20 per cent to 18 and 24 per cent, respectively. Now fears are once again growing that Ms Reeves could tinker with rates to align with income tax or slash the £3,000 CGT-free allowance. So to avoid a second sting, households with large amounts of assets are reviewing whether to realise these gains ahead of the Budget.

Nicholas Nesbitt, a partner at tax firm Forvis Mazars, says: 'A lot of people intended to do this last year before the Budget and didn't, so now there may be investors looking to take some profit.'

But only think about selling your investments and assets if you were planning on doing so at some point anyway. Otherwise, in the event that nothing changes, you may regret selling.

But there is one step that you could take ahead of the Budget that could benefit you whether or not the rules change. You could sell shares with gains under the £3,000 annual tax-free allowance, and then buy them back in a stocks and shares individual savings account (Isa) where future profits and dividends are free from tax.

This is called 'bed and Isa' and your Isa provider can carry it out for you. The repurchase will attract a trading fee and 0.5 per cent stamp duty. The amount going into the Isa will count towards your annual Isa allowance of £20,000.

TAKING YOUR TAX-FREE PENSION LUMP SUM

Advisers report wealthy clients asking about withdrawing the tax-free lump sum from their pensions.

They fear the maximum amount that can be taken tax-free could be slashed from its current level of £268,275.

Mr Nesbitt says his clients who have a tax-free lump sum of at least £150,000 are taking these rumours seriously, explaining: 'They are telling me, 'I'd be gutted to lose this allowance - paying tax on money outside of a pension is the lesser of two evils.' '

He has also seen a surge in doctors - who have more lucrative defined benefit pensions - trying to take their tax-free cash.

Ian Cooke, of wealth manager Quilter Cheviot, says: 'If individuals are likely to take tax-free cash anyway because they are starting to draw down their pension, or it is part of their gifting strategy to reduce their inheritance tax (IHT)liability, then it can make sense to do that in advance of the Budget.'

But he warns you could make a big mistake by predicting what will be in the Chancellor's speech, as you will be taking your money out of a tax-free environment into a taxable one.

RISING INTEREST IN THE MORE RISKY INVESTMENTS

Growing numbers of high-net-worth individuals are considering funnelling their money into risky investments that benefit from favourable tax treatment.

Venture capital trusts (VCTs) and enterprise investment schemes (EISs) allow you to invest in early-stage companies.

Because these firms are largely unproven, they are typically risky - some will fail and investors lose their money.

Therefore, there are substantial tax perks for taking the risk. These schemes offer up to 30 per cent income tax relief up front.

Plus, for VCTs, no capital gains tax is due or income tax on dividends up to £200,000.

However, Simon Bashorun of asset manager Rathbones, advises caution, saying: 'You can't have tax as the only driver for these investments.'

MAKING GIFTS OUT OF YOURSURPLUS INCOME

Harry Bell, at financial planners Charles Stanley, is advising clients to take advantage of one of the most generous estate planning methods - making gifts out of surplus income.

IHT is levied at 40 per cent on an estate over a £325,000 threshold. Those who leave their property to direct descendants have an extra £175,00 tax-free allowance.

There is a standard £3,000 annual gifting allowance free of death duties, plus any gift you make is tax-free if you survive for seven years after making it.

But you do not need to worry about a seven-year clock ticking away - or even longer should the Chancellor decide to extend it to ten years, as some experts fear may happen - if you gift out of surplus income.

There are strict rules. Gifts must be made out of income and not existing assets, they must be regular, and they must not affect your standard of living.

But crucially, there's no limit to what you can gift. Keep impeccable records that can be shown to the taxman.

Read More Break out the Champagne! Bankers to get bonuses faster thanks to the Bank of England USE TRUSTS FOR CONTROL AND MORE PROTECTION

Trusts can help families pass on money free of IHT with more control and protection.

These legal arrangements are a way to make gifts to children and other members of the family to start the seven-year clock, while still retaining some control over the wealth.

And as affluent middle-aged couples are already thinking about succession planning due to Budget death duty rumours, an increasing number are using trusts.

Mr Bashorun says: 'People are approaching succession planning at an earlier stage than they might do otherwise.

'They don't want money just falling into children's hands. With a trust, you get control of who gets what and when.'

But trusts are very complex and can be expensive to set up - you will need an adviser to help you.

ESTABLISHINGCOMPLEX INVESTMENT COMPANIES

Using family investment companies (FIC) is the hot topic among affluent families, advisers report.

These are limited companies with the express purpose of managing investments. Not only does it provide a mechanism to gift investments to children while retaining some control, but dividends are also received by the FIC tax free.

Other profits and capital gains are charged at the corporation tax rate of 25 per cent.

But this is useful only for those with ultra-high net worths. For an FIC to be worthwhile, many advisers say you need £2 million in assets, others say at least £5 million.

...BUT BE CAREFUL NOT TO LOSE SIGHT OF THE BASICS

Before you plunge into these complex strategies, start with basic tax efficiency tools.

Use your full Isa allowance - which for a family of four, with two children, totals £58,000 a year.

Plus, funnel as much as you can into your pension. You get tax relief on as much as £60,000 every year, or £120,000 for a couple.

Mr Bashorun adds: 'Do little things regularly. Start paying pension contributions for your children, for example.'

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Rich are shielding their wealth from the Budget - YOU can too