Inheritance Tax Planning
Few of us like to
think about dying, but equally few of us could live with the thought
that we have not made adequate provision for family and friends who
survive us.
The legislation
that governs passing on your estate to your chosen beneficiaries requires
you to plan well in advance. Since none of us knows when we shall die,
this means making the necessary provisions now.
In
the event of your death, your beneficiaries could pay inheritance tax
at 40% on the value of your estate above £285,000.
If your estate including the value of your home is worth £500,000,
that could mean a tax bill of £88,200.
For an estate of £1m, the tax figure could become £257,000!
The earlier you
make the arrangements, the greater your chance of taking full advantage
of the tax opportunities available and thereby maximising the amount
that goes to your beneficiaries. Nothing is more demoralising than
the thought that a substantial slice of the wealth you have worked
hard to accumulate will end up in the Government's coffers!
It is equally important
when planning to transfer your estate that you make adequate provision
for yourself and your spouse in your later years. Striking this balance
calls for considerable skill and foresight - and a detailed knowledge
of the tax regime.
We provide a discreet estate planning
service that includes:
- Help
with drawing up and reviewing your will
- Making
full use of exemptions and lower tax rates on lifetime transfers
- Optimising
lifetime transfers between spouses
- Transferring
agricultural or business property
- Transferring
assets into trust
- Arranging
adequate life assurance to cover potential inheritance tax liabilities
We strongly advise
you to begin your estate planning right away by contacting us for a
preliminary review.
