Inheritance Tax Planning
Many people are surprised to learn that when they die their estate will be liable for inheritance tax at 40%. The current threshold is £325,000 for a single person and £650,000 for a married couple/civil partnership means that anything over this amount is liable to Inheritance Tax. With the increase in house valuation and in death service payments it’s not that difficult to have an estate in excess of the threshold. However, with good advanced inheritance tax planning with an appropriate drafted will, or the establishment of a trust, inheritance tax can be substantially reduced.
Areas that can be looked at are:
• Gifts that can be given and tax free benefits utilized
• The 7 year rule relating to gifts
• Inheritance Tax Relief
It is never too early to make plans to reduce any possible inheritance tax liability, and if you want to know more please complete the enquiry form below.
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Integrity Wills and Legal Services
Your Experts at helping you protect your hard earned wealth
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Cambourne, Cambridge CB23 6DP
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