Inheritance Tax Planning
We see this tax as avoidable in many instances - it’s just that clients are not aware of the lawful actions you can take to do so.
For UK domiciled clients, Inheritance tax (IHT) is currently charged at 40%, and is payable on your estate once your net assets exceed £325,000. You need to understand the value of your estate.
Research by unbiased.co.uk shows that a massive £550 million (due to rise to £595 million this year) was wasted in unecessary IHT payments in 2015* (*Jan 2016). Providing your family with lasting benefits means taking action now!
There are a several different ways of planning to try to eliminate or at least reduce your potential liability.
- The writing of a suitable will which is regularly reviewed
- The gifting of assets during lifetime
- Using trust wrappers
- The use of appropriate insurance policies
To find out more read our Guide to Inheritance Tax Planning - Protecting You and Your Estate - or contact Ian Brown for advice. We can also help you with making a suitable will. It pays to understand the value of your estate and we would be happy to help you go through a checklist which will give you an indication of any likely IHT problems
You need to plan ahead to ensure that your assets are passed on to your loved ones as efficiently as possible.
Estate planning is not regulated by the Financial Conduct Authority.