Inheritance tax planning

Just as you look after your investments now, planning to reduce the amount of tax that your estate will be subject to, is an important consideration to ensure that your loved ones receive all the gifts that you plan to leave them. We can discuss and put in place ways to make these gifts as tax efficient as possible. Jonathan is a Trust and Estate practitioner, which means that he has specific training and importantly experience in this field. In considering planning now, we must always discuss your needs first, making sure that you keep enough money for your needs and possible future care.

The methods we can use for reducing Inheritance tax are far reaching, from the setting up of lifetime trusts, making use of available exemptions for both you and your spouse or civil partner, to those small gifts which can bring such joy to you and the beneficiary during your lifetime. A £3,000 annual gift from Granny or Grandad can make all the difference to a new family, or a struggling student. Parents can each give a gift of £5,000 to a child on their Wedding/ civil partnership ceremony, which again is exempt from Inheritance tax.

Inheritance tax is regularly changing and even if you have already made provisions in your Will, it may be well worth while reviewing your current situation. Wills should be a tax efficient as possible and talking through your needs may open up ideas that you had not previously thought of and together we can update your Will accordingly.

  • Lifetime and exempt gifts.
  • Potentially exempt transfers.
  • Discretionary and other trusts.
  • Nil rate band(s).
  • Deeds of variation.

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