How gifting from income can reduce your estates IHT burdenPosted in Inheritance Tax,
on 23.02.17 Read Ok, I accept not everyone has “more income than they need”. However I see the situation more often than you might expect,...
Protecting your estate is ultimately about reducing the amount of Inheritance Tax your estate pays so more of your wealth goes to your loves ones to make their much easier when you are gone.
Making sure that you’ve made plans for after you’re gone will give you peace of mind. It’s not nice to think about, but it means that your loved ones can carry out your wishes and be protected from Inheritance Tax (IHT).
You don’t have to be wealthy for your estate to be liable for IHT, and it isn’t something that is paid only on death – it may also have to be paid on gifts made during someone’s lifetime. Your estate will be liable if it is valued over the current IHT threshold on your death (click on this link to find out more about what inheritance tax is, how much inheritance tax is and setting plans in place to avoid paying so much in inheritance tax). The IHT Threshold, or Nil Rate Band (NRB), is currently fixed until 2020/21 at £325,000.
As expert, award winning Financial Advisers we can help you and your family put in place a plan to ultimately reduce the level of Inheritance Tax your estate will pay by effective inheritance planning. Would you like advice on reducing inheritance tax (IHT)? To know more about death duties? Learn more about inheritance tax exemption? The inheritance tax allowance, inheritance tax limit or inheritance tax planning?
In our free Inheritance Tax (IHT) Guide we briefly explore options such as:
Whilst we hope you will find the Guide to IHT Planning useful, we appreciate that every care case is different and we would be happy to discuss your circumstances individually.
In order to download our Guide to IHT Planning please fill in the form below. We guarantee that we will not pass your details on to any other person or organisation and we will not subject you to unwanted communications.