Many people who do not consider themselves to be ‘well off’ have now found themselves owning assets above the threshold where Inheritance Tax will be payable, currently £325,000. This is mainly due to increases in property values.
Without advance inheritance tax planning your family could be faced with a large tax liability when you die, considerably reducing the value of the estate passing to chosen beneficiaries.
It is possible to legally save up to £130,000 by planning your estate in the correct manner.
The current threshold for Inheritance Tax is £325,000. If you leave an estate valued at over £325,000 (which includes the value of your property), your beneficiaries could be liable to pay inheritance tax at 40% of the value of your assets.
With Inheritance Tax planning you may be able to:
There are a number of legal methods of reducing Inheritance Tax liability. We are experts in Inheritance Tax planning and our specialist solicitors can advise you on the most suitable method or methods for you.
Contact us to arrange a consultation with a solicitor.