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Estate Planning involves helping you mitigate the impact of Inheritance Tax on your estate.
Inheritance Tax (IHT) is a tax on the assets of a person at death. There is only one rate of tax, namely 40% although the first £325,000 is tax free. This sum may be increased to £650,000 in certain circumstances.
What estate is taxable?
Virtually everything owned is counted. House and/or other property, house contents and personal effects (jewellery), boats, cars, caravans, quoted stocks and shares, private company shares, money in bank, building society, National Savings, Government securities, unit trusts, investment trusts, life assurance, savings plans, ISAs, pensions (with certain exceptions), your personalised number plate and, if you are a sole trader or in partnership, the value of your interest in the business (including Goodwill) - generally everything of value.
IHT on death operates on the basis that the deceased gifted his estate the moment before he died. It is, therefore, necessary to look at how gifting can affect IHT.
There are a number of options available in order to reduce an Inheritance Tax liability and make it easier for the beneficiaries to fund the potential tax liability. This, of course, is after the Will is reviewed to ensure it is appropriately worded to mitigate Inheritance Tax.
Our advisers start with a wide selection of solutions, and work with you to narrow down the options and settle on a viable strategy. There is not usually one solution which is suitable, it may be a combination of 1, 2 or even 3 options in order to ensure you have the best overall solution.
We often work alongside other professions, e.g. solicitors, to ensure we get the best result for you.
With regards to any questions you may have on Estate Planning, please do not hesitate to contact us and we will be happy to offer assistance.
The advice and/or guidance contained within this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
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