Inheritance Tax Planning in Oswestry
Oswestry is a part of the UK that has quite a lot of people who are financially comfortable. These are people who own things of real value, ranging from their homes to items like cars and jewellery. While that is a nice position to be in, it also means that they can be liable for various taxes that can inhibit their ability to leave a legacy for their families. In particular, there is often a very great need for inheritance tax planning in Oswestry.
What is inheritance tax?
Inheritance tax is money that is owed to HMRC after your death on anything you own that is valued above the current threshold.
Given that this is set at £325,000, it is clear that inheritance tax is an issue that will only affect those with sizeable estates.
For tax purposes, an estate means everything from concrete possessions like property, jewellery or vehicles, to things such as investments and savings. If the value of any one of these – or of all of them combined – is above the existing threshold, you will be liable to pay inheritance tax.
How do you plan for this?
There are people who are qualified to offer inheritance tax planning in Oswestry; the first stage in preparing for this should be to speak to one of them. They will advise on strategies to reduce the amount of inheritance tax that has to be paid on your estate after you are gone.
This can mean steps such as looking at investments that are designed to preserve your money instead of growing its value, or creating trusts to avoid inheritance tax liabilities.
Why Hartey Wealth Management?
As with all financial matters, inheritance tax can be very complicated for anyone who is not an expert. Therefore, it is always better to get professional help in planning for it.
If you live in Shropshire, being able to get financial advice in Oswestry will mean you can consult with someone who knows the area and its economy inside out.
Get in contact with Hartey Wealth Management today if you want experienced financial advice with a local touch.
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When choosing which firm to seek advice from, a company with years of experience in the industry and that has won awards for its service will make for a good selection. There can also be real benefits in turning to one that is based within Oswestry, as that guarantees a more personal level of service and will also be the most convenient option for you.
If you think that your estate is likely to be above the threshold for inheritance tax and want to start making a plan for this, speak to Hartey Wealth Management today to get the ball rolling.
