Estate and Inheritance Tax Planning

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Wealth Preservation for Future Generations

We often spend years of our lives building wealth with the hope that our loved ones can continue to benefit from our efforts when we are gone in the form of their Inheritance. However, many do not consider the importance of protecting their wealth for future generations and the impact of Inheritance Tax on their family’s inheritance. Without proper consideration, an Inheritance Tax bill may cause a substantial erosion of the money that you intend to leave for your family. If the total value of your assets exceeds your Inheritance tax-free threshold upon your death, then your estate may be liable to Inheritance Tax at 40% on the value of the excess.

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Be Prepared

Your threshold will vary depending on your circumstances, but for most the allowance is a maximum of £500,000 for an individual and £1,000,000 for a married couple. Rising house prices over the last few decades have pushed many over their threshold without them realising and thousands of bereaved loves one each year are left with an unexpected tax bill. The executors of your Will may need to sell your home in order to pay the bill and your family can face a lengthy and frustrating wait to access your assets.

We know that thinking about what will happen when you or a loved one passes away can be a tough thing to do. But with a bit of forward-thinking and considered planning, the impact of Inheritance Tax can be minimised, and in most cases extinguished completely, allowing you to leave more of your wealth in the hands of your loved ones.

There are many different strategies that you can undertake to help mitigate the impact of Inheritance Tax and the right approach for you will depend on your circumstances. If you’d like to talk to one of your advisors on how you can protect your wealth for future generations, then get in touch via the Contact Us page to arrange a free, no obligation, discovery meeting.

arrange a free, no obligation, discovery meeting.