Inheritance Tax Planning & Estates
Benjamin Franklin once said “in this world nothing can be said to be certain except death and taxes”.
Many commentators have also said that Inheritance Tax (IHT) is a voluntary tax. By this they mean that planning ahead can significantly reduce liability.
IHT planning can therefore make sure more of your hard earned money goes to your family when you die, rather than letting 40% be taken by the taxman.
Nobody likes to think about dying, but planning ahead can really help reduce any IHT liability for your nearest and dearest.
If you think that IHT is something to worry about only for the extremely wealthy, think again.
With the increase in house prices that we have seen in the UK over a number of years now many estates are potentially subject to IHT. Indeed, the amount of IHT paid in the year to April 2019 was £5.4 billion with the average tax bill a staggering £179,000.
Simple planning such as making sure you have an up-to-date will can reduce your IHT bill or even nullify it completely.
The FCA does not regulate Tax Planning, Will Writing and Powers of Attorney.