Inheritance Tax Planning
Inheritance Tax Planning
Did you know that, if your estate is worth more than the nil rate band your beneficiaries could be required to pay inheritance tax on part of your estate? Everybody has a nil rate band allowance, currently £325,000 for a single person and £650,000 for a married couple – you may also be able to claim the Residential nil rate band allowance, currently £175,000 per person.
If your estate amounts to more than the threshold, your beneficiaries may have to pay inheritance tax on any property, jewellery, savings and investments, works of art, cars, or land that you leave them. The rate of inheritance tax currently stands at 40%, or 36% if you leave at least 10% of your assets to a charity.
No one likes to think that their loved ones will be left with a substantial bill at the hands of the estate you have worked so hard to build. But there are ways in which you can reduce the amount of inheritance tax you have to pay – the most important thing is to be prepared, to understand if your estate will qualify for inheritance tax, and to consider the ways in which you can reduce or eliminate this liability.
Working closely with one of our trusted and reliable strategic partners, our fully qualified and highly experienced Financial Advisor can provide professional, trustworthy, and up-to-date advice and guidance on tax efficient and savings. We also work alongside a dedicated Tax Specialist who can help you to set up tax-efficient trusts for larger estates.
Together, these inheritance tax planning experts have the knowledge, skills, and experience to reduce the tax liability of your estate, or even avoid it all together. So you can enjoy peace of mind that your beneficiaries will receive everything you leave them.
For further information about inheritance tax planning, or to discuss our services further, please do not hesitate to contact us.
“Excellent service from beginning to end – and beyond. Nothing is too much trouble for them. I would, and do, highly recommend Inheritance Legal Services. A totally trustworthy team.”
Mr & Mrs Whitby
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If you have any questions, or would like to arrange an appointment, please do not hesitate to contact us.
