Contrary to the belief of some, Inheritance Tax not only affects the very rich, but other people may be liable without realising. Few taxes are quite as emotive – or as politicised – as Inheritance Tax.
The structures into which you transfer your assets can have lasting consequences for you and your family. With the help of a professional you can choose structures and trusts that will are designed to protect your assets and give your family lasting benefits.
It is crucial to find out now if you potentially have an Inheritance Tax liability – or could do so in future years. Historically, Inheritance Tax planning used to be an activity confined to the very rich. However, growing affluence means that this is no longer the case. Even families and individuals with a relatively moderate level of wealth should consider planning ahead to ensure that their assets are passed on to their loved ones as efficiently as possible. Property price increases have also dragged many middle-class working families into the Inheritance Tax bracket.
Effective estate planning is about getting the right balance between maintaining access to your money when you need it and saving tax. This is because, in general, the more tax-efficient a solution is, the less access you have to your assets. Safeguarding your own financial future is very important, and giving too much away could put this at risk.
One of life’s unpleasant facts
Inheritance Tax is a very complex area of financial planning, and in the UK may be one of life’s unpleasant facts, but Inheritance Tax planning and obtaining professional advice could help you pay less tax on your estate.
If you want to discuss your situation and the options available to you, please contact us – we look forward to hearing from you.