Inheritance Tax Planning
Inheritance Tax Planning
Inheritance Tax can often be avoided or at least mitigated. It is however a highly specialised subject and you should ALWAYS seek advice from an Independent Financial Adviser who specialises in Inheritance tax Planning.
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Inheritance Tax Planning
Contrary to popular opinion, Inheritance Tax is one of the most avoidable of taxes. An Independent Financial Adviser will be able to ensure that most clients completely escape Inheritance Tax. The adviser’s first port of call would normally be the client’s will.
One of the biggest dangers of writing a will without the right professional help is that you’re almost certain to miss out on simple, but effective, ways of protecting your nearest and dearest from Inheritance Tax.
For instance, most people leave all their assets to their wife or husband, safe in the knowledge there will be no Inheritance Tax to pay on their estate - spouses never have to pay Inheritance Tax on assets handed over by their partners.
But, although that’s fine for you and your partner, it’s not much use to your children. When the second parent dies, anything left in their estate above the Nil-Rate Band is subject to Inheritance Tax.
If your children are at all likely to be landed with an Inheritance Tax bill, - and, of course, if you can afford it - you should consider making use of your Nil-Rate Band when the first parent dies, rather than waiting until you have both expired.
