We have helped many clients put estate planning strategies into place so as to help pass their money down to their children or grandchildren in a tax efficient manner. We can advise you how to reduce the amount of inheritance tax payable on your death and help pass on more to your family. Inheritance tax (IHT) has traditionally been seen as a tax only for the very wealthy. However, with a threshold of £325,000 (£650,000 for married couples and civil partners) and the price of houses still relatively high, even after recent corrections, more and more people are finding themselves caught in the net. This could lead to many people having to sell long-held family heirlooms or investment assets to meet tax bills that a little bit of planning could help avoid.A good starting place is to have a Will that is up to date and that reflects your current views and assets, however many of our clients also wish to help their children whilst they are still alive by gifting money outright or via a Trust.In 2017 the main residence nil-rate band was introduced for individuals with direct descendants who have an estate (including a main residence) with total assets above the inheritance Tax (IHT) threshold (or nil rate band). If you would like to know more about how this might affect your IHT planning, contact us and we will be happy to explain the new rules.Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.
