Whether it is property, business, possessions, investments or cash in the bank, the people you leave ‘your estate’ to when you die will have to pay inheritance tax. With the huge increase in property values, this can be as much as 40% if your estate is worth more than £325,000.
There are all sorts of rules and exemptions, such as if you leave 10% or more of the net value to charity, or if your estate includes farmland or woodland. However, so that your loved ones aren’t left with unexpected liabilities, we can help you understand how inheritance tax will affect them and what to do about it before it’s too late. Our expert planning advice on tax savings and the mitigation of potential inheritance pitfalls include:
- The use of trusts, where appropriate
- Examination of private limited company share structures to determine the advantage of any share reorganisation
- Planning in respect of the family home
- Ensuring wills are tax efficient
- Consideration of lifetime gifts