Inheritance Tax Planning
Due to recent increases in property prices in the UK. many people who do not consider themselves to be 'well off' have now found themselves owning assets above the threshold where Inheritance Tax will be payable.
Your family could be faced with a large Inheritance tax liability when you die, unless you take appropriate action to minimise this liability.
The current threshold for individuals Inheritance Tax is £325,000. If you leave an estate valued at over £325,000, your beneficiaries could be liable to pay inheritance tax at 40% of the value of your assets. For married couples the tax threshold could be as much as £650,000 on the death of the spouse deoendent upon the disposal of the first estate.
It is currently possible to save up to £130,000 by planning your estate in the correct way.
It is possible to :
- Reduce your beneficiaries Inheritance Tax liability
- Retain assets within your family
- Protect assets from the need to fund long term care in later life
- Protect your Nil Rate Band if you were to die and your partner re-marry
- Protect assets passed to children / grandchildren from the risk of them becoming bankrupt or divorced
What is involved with Inheritance Tax planning?
There are a number of legal methods of reducing Inheritance Tax liability. We are specialists in Inheritance Tax planning and our specialist solicitors can advise you on the most suitable method or methods for you.
For more information contact us for a consultation with a solicitor.