Inheritance Tax Planning (IHT) or Estate Planning
During the course of your lifetime, you will accumulate a portfolio of assets and property that you probably want to pass on to future generations. However, your estate could be liable to substantial taxation that could prevent your assets being administered in the way you intended.
‘Inheritance tax planning’ is the lawful application of rules concerning inheritance tax to limit the amount of tax that will be chargeable to your estate when you pass away. The impact that inheritance tax will have depends on the value of your estate at the time of your death. However, it is important to start this process as early as possible to give yourself the opportunity to plan over the long term. This may include specific types of investment.
There are a variety of different approaches that can be used to plan and reduce your estate’s inheritance tax liability and will ultimately depend on your particular circumstances. There are some simple steps to be taken initially; for example, ensuring that you have the right wills in place.
It is important that you seek the right advice for Inheritance Tax Planning, to ensure that your lifetimes assets pass effectively to your beneficiaries. The rules governing inheritance tax tend to change from time to time so it is important that any existing inheritance tax planning is regularly reviewed.
Not everybody has the same view on inheritance tax planning. Some people think it’s appropriate to pay some inheritance tax, others will want to maximize what they pass on to their beneficiaries. Whatever your views, we can help you.
Our expert team at People and Business we will work with you to make sure you understand how the tax laws will impact you, and discuss the options that best suit your own particular circumstances.
Please contact us with any questions regarding inheritance tax planning. Click here