Inheritance Tax Planning
Many people who do not consider themselves to be 'well off' have now found themselves owning assets above the threshold where Inheritance Tax will be payable. This is often due to increases in property values.
Without inheritance tax planning your family could be faced with a large tax liability when you die, considerably reducing the value of the estate passing to chosen beneficiaries.
It is possible to save up to £130,000 by planning your estate in the right way, and ensuring that your future Executors have all the information they need to make these savings.
The current threshold for Inheritance Tax is £325,000. If leave an estate valued at over £325,000, your beneficiaries could be liable to pay inheritance tax at 40% of the value of your assets. ?
It may be possible to reduce or eliminate this Tax liability with careful planning.
You may therefore be able to:
- Reduce your beneficiaries Inheritance Tax liability
- Keep your assets within your family
- Protect your assets from the need to fund long term care in later life
- Protect your Nil Rate Band if you were to die and your partner re-marry
- Protect assets passed to children / grandchildren from the risk of them becoming bankrupt or divorced
What is involved with Inheritance Tax planning?
There are a number of legal methods of reducing Inheritance Tax liability. We are specialists in Inheritance Tax planning and our specialist solicitors can advise you on the most suitable method or methods for you.
For more information contact us for a consultation with a solicitor.