Savvy Inheritance Planning

How much will you give away?

Have you ever worked out the value of your estate? Your estate is made up of everything you own. It’s very important to have a good idea of how much it’s worth and realise how much of your estate may have to be paid to HM Revenue & Customs (HMRC) when you die.

If you are single, everything in your estate in excess of £325,000* could be taxed at 40%.

If you are married (or in a civil partnership), everything in your combined estates in excess of £650,000* could be taxed at 40%.

Are you aware that until your beneficiaries have paid the inheritance tax bill, they won’t receive any of your estate as it becomes frozen until the debt is settled?

It pays to plan ahead

When you consider how hard you’ve worked all your life to accumulate your wealth, wouldn’t it be nice to know that a chunk of it won’t be used to pay inheritance tax? By planning ahead you can reduce your inheritance tax liability and the burden it places on your loved ones.

We can discuss various ways to reduce the value of your estate during your lifetime, whilst maintaining your standard of living. We can show you ways to make provision for your future generations. If necessary we can help you set up a fund that will provide for any potential inheritance tax rather than eat into the value of the estate.

* Individual Inheritance Tax threshold for 2010/11 and frozen until 2017-18. * For couples/civil partners this is £650,000. Tax treatment depends on your individual circumstances and may also change in the future.

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