Inheritance Tax Planning
Helping you protect your wealth is an important part of what we do, and one thing is certain, you need to plan to protect your wealth from a potential Inheritance Tax Liability. Benjamin Franklin once said that “nothing is certain but death and taxes”, and thanks to Inheritance Tax, they’re not only certain, they’re intrinsically linked. Once only the domain of the very wealthy, the wide-scale increase in home ownership and rising property values over the past decade have pushed many estates over the Inheritance Tax threshold.
Inheritance Tax applies to your entire worldwide estate, including your property, savings, car, furniture and personal effects. You should also consider all of your investments, pensions and life insurance policies and ensure that life policies are held in an appropriate trust so they do not add to the value of your estate.
Inheritance Tax as we know it today was introduced in 1986. The current rate of Inheritance Tax for everyone is charged at 40%, and is paid by those who inherit. It is deducted from your estate on death, so Inheritance Tax is relevant whether you stand to gain an inheritance or plan to leave one.
If you would like to discuss the options available to you for protecting your legacy, please contact us for further information. We can help you with the many aspects of Inheritance Tax Planning, from advice on wills and trusts to other tax-efficient ways to ensure your wealth is best structured for your beneficiaries.