Inheritance Tax is the tax that is paid on your ‘estate’, chargeable at a current rate of 40%. This is a tax on everything you own at the time of your death, less what you owe. It’s also sometimes payable on assets you may have given away during your lifetime. Assets include property, possessions, money and investments. One thing is certain, careful planning is required to protect your wealth from a potential Inheritance Tax liability.
We provide advice on how to use exemptions, gifts into trust, life assurance and wills to help reduce the tax paid on your estate.
Use of trusts ensure that your assets pass to those who you would want to benefit from them.
Trusts can be used to ensure life assurance benefits pass to your chosen beneficiaries free from inheritance tax and when needed and swiftly.
Gifting money into trust during your lifetime can help build up capital for children and grandchildren to enjoy at an agreed point in the future.
If you would like to find out more about setting up trusts, gifting and IHT planning could benefit you then please get in touch.