Inheritance Tax planning can have a significant impact on the amount of assets your loved ones actually receive.
In particular with the recent rise in house prices meaning that more and more families are liable for Inheritance Tax after their loved one’s death, it is crucial that you plan for the future now. Therefore it is important to understand the IHT rules and how the tax burden on your estate can potentially be minimised when you pass away. We can provide clear, effective advice on issues including:
- Using your nil-rate band effectively
- The transferable nil rate band and the residence nil rate band
- Using gifts & trusts to minimise your Inheritance Tax liability
Making gifts from your estate during your lifetime not only enables you to see the benefit whilst you are alive, but it can also potentially offer tax advantages. We can advise on all types of lifetime gifts and related issues, including
- Using your annual gifts allowance
- Wedding gifts & other tax-exempt giving
- Inheritance Tax implications of lifetime gifts (e.g. the ‘7-year rule’)
- Gifting your home to your children or others
A trust can potentially allow you to protect assets such as your home from Inheritance Tax or care home fees, whilst making sure your loved ones are protected at the relevant time. We can advise you on all of the legal implications that you need to consider, including:
- Setting up a trust in your Will
- Lifetime trusts
- Administering a Trust
- Tax-implications of trusts
The team at Rowlinsons have many years experience in advising on the practical steps you should take to reduce or even eliminate your Inheritance Tax liability so you can ensure your family do not lose out.
To make an appointment please call 01928 735 333 or click here for a call back.