Inheritance Tax planning - helping your beneficiaries to avoid inheriting tax liabilities
If, when someone dies, the value of their assets exceed a certain threshold, Inheritance Tax is payable on their estate at 40%. It's also sometimes payable on gifts or transfers made during their lifetime. Whats more, in most cases, it is payable before any assets are distributed.
The threshold for the 2013-14 tax year is £325,000 and is currently fixed until 2019. Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies, by as much as double (£650,000). Their executors or personal representatives must transfer the first spouse or civil partner's unused Inheritance Tax threshold or 'nil rate band' to the second spouse or civil partner when they die.
Very few clients want to pay tax to the Treasury. Even fewer would like to leave the burden of Inheritance Tax to their children or other beneficiaries. The good news is theres a range of legitimate schemes which we can call into play. By carefully organising your assets, and without having to lock them so tightly you cannot access them, we can minimise or even completely avoid any Inheritance Tax due on your estate.
An initial consultation costs you nothing. Contact Paul today to arrange a confidential discussion.