INHERITANCE TAX

Inheritance tax (IHT) planning and advice may be needed for you to plan ahead to get the best out of your individual financial circumstances. An initial review of your financial position can help to assess whether there is any potential IHT due on your death and careful and early planning can help to reduce the tax burden on your family. At 40% of the value of your Estate, an IHT bill can drastically reduce the amounts of your hard-earned wealth which are passed to your loved ones.

There are many ways to reduce the potential IHT burden with careful planning – gifting assets to family and friends, changing the mix of your investments to include assets which benefit from IHT exemptions or even regularly giving excess income to your dependents. There are also things that you can include in your Will – like charitable donations – which can reduce the rate at which IHT is paid.

With careful planning there is a lot that can be done to reduce potential IHT liabilities. Contact us for an initial review of your financial position and an assessment of your potential IHT liability. Then we will work together with solicitors and Independent Financial Advisers to ensure that your Will directs your assets to your loved ones and that your financial affairs are structure to keep any IHT liability to a minimum. We will then follow this up with annual reviews of your affairs to ensure any savings made are retained as circumstances (or legislation) changes.