How you can stop the taxman taking up to 40% of your estate!
When you have spent a lifetime building up your personal wealth, you want to be sure that on your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the taxman.
And yet, all too often we meet clients who are shocked at how large the potential inheritance tax bill will be when they die. That’s why we would like to help you to plan to reduce the slice taken by HM Revenue & Customs.
Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but with the increases in property values without a corresponding increase in the IHT threshold, many more estates have come within of the taxman’s reach. This makes estate planning all the more necessary and all the more urgent.
There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning – often over a long period. Lifetime gifts, the judicious use of trusts, and agricultural and business property can all help to reduce your IHT liability. It is also possible to mitigate potential IHT liabilities by arranging adequate life assurance cover.
We can help you with your estate planning, including succession planning and business exit strategies. We can also recommend solicitors if you need to write or update your will, and where appropriate, act as trustees or executors.
For more information about any aspect of our services, please telephone or complete the contact form here