INHERITANCE TAX PLANNING

 

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Inheritance Tax

Correct planning is very important for future inhertitatce. Currently, each individual has a lifetime allowance of £325,000. If an individual has assets in excess of £325,000 including cash, savings, investments and property then inheritance tax will be payable on death of 40% of the amount over the £325,000 threshold. If you are married this limit is £650,000 before inheritance tax is payable with the surviving spouse able to transfer any unused allowance from their deceased spouse.

How do we can help?

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Help writing a will.

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Explore exemptions that may help reduce your tax liability.

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Gifts-If you can afford to transfer some of the assets you own, you may be able to reduce the size of your estate.

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Life Insurance-The tax liability is not reduced, but the proceeds can be used to pay the bill at the time of death.

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Trust-Trust, if carefully structured, can help reduce or even eliminate IHT liability.

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