Inheritance Tax
Inheritance tax is a type of tax you have to pay when you die; on all the assets you leave for your loved ones, like your home, investments, stocks, shares and possessions. This is normally known as your estate.
The Inland Revenue will receive 40% of your estate over the Nil Rate Band unless you plan in advance. We can legally help you and your family to significantly reduce your Inheritance Tax liability.
Although mitigation of Inheritance Tax (IHT) is limited via a Will, for couples who are unmarried, or not civil partners, then a "Nil Rate Band Discretionnary Trust" (NRBDT), can still be used as a useful IHT saving tool. This IHT planning used to be commonly used by married couples, (until 2007, when IHT rules changed), to reduce the IHT liabilities on the event of the second to die.
Long Term Care Issues
One in four women and one in six men may require some form of Long Term Care. Last year thousands of homes were sold to pay for long term care. Not only will we help clarify your position, but we will also help you to plan ahead and show you how to protect your estate and assets from this frightening scenario.
Inheritance Tax Saving Strategies
If your assets add up to more than the tax free allowance then Inheraitance Tax, levied at 40% will be payable on the excess.
It's easy to see how you can have more wealth than you think if you add up the value of your house, your bank accounts, investments & not only those, but also any life insurance policies.
We can help you to assess your liability to pay Inheritance Tax on your death & through our partners, advise on strategies to reduce or eliminate your exposure to inheritance tax. It's important to appreciate that to evade paying tax is illegal, but to avoid paying tax using perfectly legal tried & trusted strategies can mean your beneficiaries, such as your spouse or partner & perhaps, more importantly, your children, will inherit more of your estate instead of the Government.
