Inheritance Tax

Inheritance Tax Planning

Branded the death tax Inheritance Tax is quite often dubbed as the ‘forgotten’ tax as no one like to think about their mortality. However, this can lead to an increased Inheritance Tax liability coupled with increased emotional stress for loved ones at a time when you can no longer give reassurance. Inheritance Tax is therefore a very important tax to consider as without proper planning your business, home or personal assests may have to be sold to pay a liability that might have been avoided with proper planning. The very assets you have spent your lifetime growing to pass on to your family could be lost.

Inheritance tax planning is designed to make effective use of spousal relief, Potentially Exempt transfers, chargeable lifetime transfers,the annual exemption and tax free gifts in combination with trust and estate planning to achieve the most desirable and tax effective result. By minimising you Inheritance Tax Liability more of you estate is left to your loved ones so your children can enjoy the assets you’ve worked hard to accumulate with less need to realise these to pay a tax bill that could have been avoided. Planning also helps to identify assets and liabilities making the job of your personal representative much easier and less prone to mistakes when administrating your estate.

As a matter of good practice inheritance tax planning should always be integrated with an effective Will supporting the planning and at the same time meeting the requirements of the individual.

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  • wp socializer sprite mask 16px Inheritance Tax
  • wp socializer sprite mask 16px Inheritance Tax