Inheritance Tax Planning

Inheritance Tax Planning

“In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklyn 1789
Traditionally it is considered that this may only be a problem effecting the richest in society but in reality it is a growing problem for middle class families, this may store up real problems for loved ones if you don’t address any inheritance tax issues. Careful planning takes time however but the good news is that speaking with an expert can pay dividends and keep your hard earned assets away from the state.
How we can help you? Wills and lasting power of attorney are the foundation of all estate planning solutions, to ensure your estate is distributed as you wish it is crucial that your will outlines exactly who gets what upon your demise.

Trust can be the most effective part of potentially mitigating any inheritance tax liability but these often take seven years to have any impact. There are many different types of trust available and these can ensure that parts of your wealth can pass to children or other beneficiaries. Trusts can often give flexibility and control in managing what happens to your assets after your death alongside saving up to 40% in inheritance tax charges.
The laws and tax implications are always changing and we can help you understand the best options available. We will also help your trustees, explaining their roles and responsibilities in passing on your assets. Things you need to be aware of….
  • Every individual as a nil rate band which is currently £325,000 if you are single or divorced or £650,000 if your married or have been previously widowed (2017/18 tax year).
  • If your total estate value is above your nil rate band inheritance tax will be applied to everything you own above it at a rate of 40%.
  • As well as your nil rate band you have a residence nil rate band which was gradually introduced in April 2017, and will reach £175,000 per individual by the 2020/21 tax year.
  • There are many ways you can make plans towards addressing your inheritance tax liability.

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