Will Writer

Inheritance Tax

Inheritance tax planning

What can you do about it?

Soaring property prices have pushed many of us closer to the inheritance tax (IHT) bracket and you may not have realised it. Okay there has been a bit of a lull recently however long term property will always be a reasonably safe bet for your money. If your estate is above the ?nil rate? band limit of ?325,000 (to April 2019) the tax man is likely to collect 40% of your estate above this figure. Married couples are entitled to transfer their Nil Rate Band on the first death to their spouse/civil partner under certain circumstances. Paying tax is a fact of life, but with some careful forward planning you can avoid?or minimise the impact and that has to be a worthwhile task on your part.

Doing nothing is an option but is effectively donating your hard earned money to the Government.

When it comes to IHT planning we have to decide with the client what their life expectancy is likely to be. There are?7 year products, a 2 year product and a product which does not require survivorship at all.

The options we would recommend you consider are as follows:

??? Using your ?3,000 annual gifting allowance

??? Making regular gifting payments out of income

??? Making sure any life assurance is written in trust for the benefit of ?

??? A Flexible Gift Trust

??? A Potentially Exempt Transfer (maybe in a Solicitor controlled trust)

????A Discounted Gift Trust

??? Investing in the Alternative Investment Market

A Gift and Loan Trust
We really need to sit down with you and discuss your situation, contact us to arrange an appointment.

Care Home Fees


What can you do about it?

Let us talk you through the options. This is a complex issue so we will need to assess your personal situation very carefully to make sure you get the right advice.

Contact us now to arrange an initial discussion.


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