Inheritance tax planning
Inheritance tax planning – protecting your estate
If you think your estate might have to pay inheritance tax, then there are a number of inheritance tax planning measures you can put in place to reduce the amount payable. Inheritance tax benefits from early planning. The sooner you think about it, the better.
Some of the options available include:
Using the tax free personal allowance and the transferable main residence allowance which allows a married couple to leave £850,000 per couple without paying inheritance tax.
Ensuring that one spouse’s estate is not used to pay the others nursing home fees when the government could be funding them.
Family trusts, gifts (tax free provided the deceased has made the gift at least 7 years before death), wedding gifts, taking out life insurance to cover your estate’s inheritance tax, charitable donations are all possible ways of reducing your taxable estate. You need to take expert advice on these matters to maximse your tax planning for the benefit of your family and to ensure you are acting within the law. We can help you ensure that as much as possible of the estate you’ve worked hard to build ends up in the hands of your chosen beneficiaries.
Please contact our wills and trust department to discuss these issues.