Inheritance Tax and Estate Planning

With tax currently charged at 40% on estates worth more than £325,000, rises in property values have brought even those with relatively modest homes into the inheritance tax net. Consideration of IHT is therefore an important part of tax and estate planning for families and individuals.

There are a number of things that you can do to reduce or even eliminate your IHT bill and often a simple review can lead to straightforward ways or minimising your IHT bill. However, your precise circumstances and future plans will determine what estate planning strategies are right for you.

We can take you through the raft of relevant options to achieve your aims and also ensure that you have made adequate provision for yourself in later years.

We will work with your solicitor (or make a suitable recommendation if you prefer) so that both the tax and legal aspects of estate planning are brought together.

We can advise on all aspects of estate planning, including:

  • Inheritance and capital gains tax planning
  • Gifts and transfers to take advantage of no or lower IHT rates and optimise transfers between spouses
  • Business property relief and agricultural property relief
  • Using trust
  • Making gifts in life-time
  • Tax efficient wills
  • Arranging adequate life assurance policies where the proceeds can be used to help pay any resultant IHT

We strongly recommend that you contact us as soon as possible to review your inheritance tax position.

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