Estate & Inheritance Tax planning

We all want to maximise the amount we leave to our loved ones. Many people are unwittingly paying more in Inheritance Tax based on house price inflation alone.

Inheritance Tax is charged at 40% on all of your wealth over the ‘nil rate band’. The ‘nil rate band’ is £325,000 per person or £650,000 for a married couple and your wealth is based on all assets including your home, investments, and any payouts from life assurance policies.

Whilst the additional ‘Main Residence Nil Rate Band’ may increase the amount that can be left, this is not generally something that many will qualify for or their Wills have not been amended to take advantage of this.

We can help you to minimise your Inheritance Tax bill using simple steps to protect your wealth.

Our effective estate planning strategies include:

• Ensuring that your Will is up to date, tax effective and reflects your wishes
• Carve out trusts and discounted gift trusts are investments can eliminate Inheritance Tax whilst also allowing access to some or all of your assets
• Ensure life assurance policies are held by a trust
• Invest in a portfolio of AIM shares that avoid Inheritance Tax whilst will allowing you access to your money
• Modern pensions will ensure that whatever is left in your pension will pass directly to your loved ones
• Making cash gifts (potentially from excess income) or giving assets to loved ones before you die will also help avoid Inheritance Tax
• Having a life assurance policy will also ensure that whatever Inheritance Tax there is to pay, there is money set aside to cover this.

As an Independent Financial Advisory film we have access to the whole market allowing us to guide you through all of your options and find the right solution for you.