Wills and Inheritance Tax

Death is inevitable! Inheritance tax can be minimised and in many circumstances be avoided altogether by the use of tax efficient wills. The cost for preparing these wills is nominal. If prepared correctly and in conjunction with specialist tax planning, so called death taxes can be avoided.

Where there's a will theres's a way to leave your assets to your familiy-not the tax man.

You can't rely on the intestacy rules to make the right financial provision for your family-or save you tax. That's why eveyone needs a well-drafted will. With today's high proprety prices, inheritance tax is a growing concern.

Inheritance Tax

Large house price rises over the last few years has meant most people's estates will result in a tax liability, unless immediate action is taken.This potential damaging inheritance tax liability can be minimised and in some cases removed altogether by relatively straight-forward tax planning. Most family homes pass to a surviving spouse without attracting Inheritance tax, but it is not a complete exemption-liability is merely deferred until the death of the survivor. The ideal situation would be to make gifts and bequests to the value of the nil-rate band on the first death, thereby reducing the estate by £250,000, but this may only be possible on larger estates with more liquid funds, wher the home is not the main asset.

In many cases a tax efficient Will can result in any potential tax liability being completely removed. They can be designed to withstand political party changes.

There are many tax avoidance schemes available at the moment, it is important you understand any scheme you plan to undertake fully as you may need to be proactive to any changes in the law. A simple rule to remember is that couples have two inheritance tax nil-rate bands and these can be legally used to your advantage in the majority of cases.

Demack Accountants strongly advise you to begin your inheritance tax planning right away by contacting us for an estate tax planning review.

 

 

 

 

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