“Who loves you more - the Chancellor or your children?”
Inheritance tax planning is essential for you if your total assets are over £325,000 and you cannot realistically divest yourself of these assets before your death. This tax was originally intended only for the very wealthy, but mainly because of increases in property prices catches an estimated 30,000 estates each year.
Having paid Income Tax on earnings, Income Tax and Capital Gains tax on savings, your loved ones have to pay tax on their inheritance.
You might wonder why this is your problem? After all you are dead when the bill comes in! However, how would you feel if the chancellor collected more from your estate than perhaps one of your children?
- What gifts can I make?
- How to I reduce my childrens' inheritance tax liability without reducing my income?
- Can I insure the liability and what options are there?
- How can I make use of Trusts?
- How can I best structure my will?
- What can I do to offset my bill from my parents' estate?
Inheritance tax is likely to affect you as a double edged sword by reducing the amount of your potential inheritance from your parents and the amount of inheritance that you can leave for your loved ones.
The issue is often left because as it’s “in the too difficult” category. But there are things that you can do and the sooner you address the problem the more options you will find available to you.
Contact us now at our offices in Stevenage, Hertfordshire for advice on inheritance tax planning and to find out how to protect your loved ones from the Chancellor.