Inheritance Tax Planning (IHT)
More and more people are finding that their estate is liable to inheritance tax. Should the value of your estate exceed the nil rate band as well as the resident’s nil rate band, subject to entitlement, you will be liable to inheritance tax. There are options which you can consider to help manage and reduce your potential liability such as:
- Setting up Trusts
- Life Assurance Plans
- Gifting – Exempt Transfers, Potentially Exempt Transfers (PETS)
- Gifting from Income
- Charitable Donations
- Business Relief Schemes
We will be happy to guide you through the options and create a plan to help with the ongoing management of your estate. If you wish us to undertake a review of your potential liability and produce a report outlining our recommendation contact us.
None of us like thinking about our demise and therefore we put off discussing and making a Will. Should you die “intestate” i.e. without making a Will then there is no guarantee that your assets will be passed onto those that you wish to inherit. The Law is very specific about how your assets are distributed when you die intestate and can be very complicated especially if you have children, whether they are dependent or not.
A Will can be prepared in a matter of hours and the cost of preparing this will far outweigh the potential charges that could be incurred due to the additional administration and potential IHT if there was no Will in place. We would therefore strongly advise you to consider drafting a Will and ensure that this is kept up to date with your wishes.
Should you wish to discuss this further please contact us.