With some careful planning and good advice, very significant reductions can be achieved in inheritance tax. It is vital however to plan in good time in order to achive the maximum reduction in tax. We can ensure that you follow the most tax efficient route in planning a tax strategy. To achieve this we will need to meet with you to determine your personal circumstances. We will then produce a written report detailing the most appropriate strategy for your specific circumstances.
If your assets exceed £325,000 (including any gifts you have made in your last seven years), your legacy could be diminished by a 40 per cent tax liability.
Estate planning means your family will receive a larger share of your estate. The incidence of estate taxes necessitates careful planning, so due care, attention and execution of your plans is essential.
Some estate planning questions
- If you die suddenly, will your executors be able to easily locate all your records?
- are you comfortable with your executor(s) and trustees?
- Have you considered the use of trusts in estate planning?
- Do you know the intentions of relatives with substantial assets?