Inheritance Tax Planning
Inheritance Tax planning usually involves you and your family in a carefully balanced, long-term approach and there are a number of legitimate means by which you can limit the amount of IHT liabilities due upon your death. At Ritchie Phillips, we deliver expert Inheritance Tax planning and accountancy advice based on our in depth understanding of the ever-changing rules and our decades of experience.
Inheritance Tax advice
Although Inheritance Tax is still very much in the political headlines, at present, the main building blocks of your inheritance planning remain as ever:
- Assessing your personal wealth and ascertaining which assets qualify for either business property or agricultural property relief and which assets will ordinarily be liable to Inheritance Tax at the rate of 40%
- Lifetime giving, the objective of which is to set the seven-year clock running by making potentially exempt transfers
- Structuring your Will, possibly with a view to creating a discretionary trust and/or a life interest trust
- Using life assurance to help pay any Inheritance Tax due
The challenge then becomes ensuring any Inheritance Tax planning is compatible with retaining sufficient financial resources to fund your lifestyle and possible needs in later life.
In a changing political climate, it has never been more important to keep your inheritance planning under regular review to ensure that it is still tax compliant, effective and meets your goals, whether that is for during your lifetime or for your loved ones after your death. Knowing that your loved ones or the causes that matter to you most will be provided for after you’ve gone also brings with it important peace of mind.
If you would like to discuss inheritance planning and Inheritance Tax issues, please get in touch.
