Inheritance tax planning is not something people tend to think about. It’s natural not to want to think about death, least of all your own. However if you fail to plan properly for this eventuality, your family could find themselves in the distressing position of having to sell off assets to pay significant inheritance tax bills.
While the government has now made it easier for married couples and civil partners to make full use of their individual exemptions, if the value of your combined net assets exceed £650,000 then you still have a potential exposure to inheritance tax.
If you’re not married, or are single, then once your personal net worth exceeds £325,000 you are potentially caught in the web of inheritance tax.
All is not lost, however. We can advise on a wide range of inheritance tax planning schemes to help reduce, or eliminate, the tax that your family will have to pay following your death. We can also advise on the use and operation of a wide range of trusts, as well as the consequences of receiving an inheritance.