Inheritance Tax (IHT) is the tax paid on the estate (the property, money and possessions) of someone who has died when the value is more than the IHT thresholds. Above the thresholds there is currently (2018) a 40% tax liability. However, with the right advice and careful forward planning this can often be reduced or avoided; maximising the benefit of your estate for your family and other beneficiaries.
IHT can be a heavy and unexpected burden and families may find themselves having to sell some, or all, of their inheritance to pay for it.
Having a Will and undertaking IHT planning ensures you have control over who benefits from your estate and how much tax your estate pays. It also enables your executors to move swiftly through the Probate process and put measures in place to minimise the amount of tax your family will be liable to pay in the longer term.
A Trust is a legal arrangement where you give cash, property or investments to someone else, so they can look after them for the benefit of a third person. For example, you could put some of your savings aside in a Trust for your children. Provided certain conditions are met, these assets no longer belong to you so when you die their value normally won’t be counted when the IHT bill is calculated.
Another potential advantage is that a Trust is a way of keeping control and protecting assets for the beneficiary; a Trust avoids handing over valuable property, cash or investments whilst the beneficiaries are relatively young or unable to manage them.
We are a division of Longley Consulting Ltd who are Chartered Accountants and Chartered Tax Advisers, therefore we are ideally suited to help you by advising on all aspects of taxation. Our range of IHT planning includes:
We can assess your current exposure to IHT and anticipate your future needs. We will help you to create a plan that provides reassurance to you and those who are important to you.
Please call us now on 01548 858806 for a free consultation to discuss your current situation and how we can help you. We are happy to visit you in your own home, or you are welcome to meet at our office in Kingsbridge. We are just out of the main town, with easy parking.
You can also look at our Frequently Asked Questions (FAQs) about Inheritance Tax and Trusts page if you would like more general information at this stage. However, in our experience all cases are different, so feel free to ask a specific question via our Contact page.
T: 01548 858806
E: vanessa@southhamswills.co.uk
South Hams Wills and Probate
16 Highfield Drive
Kingsbridge
TQ7 1JR
South Hams Wills and Probate is a division of Longley Consulting Ltd
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