Inheritance tax, also known as ‘IHT’, is usually paid when somebody passes away if their estate – including some assets held in trust and certain gifts made within the seven years prior to death – is valued over the IHT nil-rate band. No matter where you are in your life, protecting your estate and assets should always be a priority.
Many individuals fail to recognise the importance of Inheritance Tax (IHT) and Estate planning; whether it’s because they are reluctant to think that far ahead, or simply because they think that IHT will not affect them.
You would undoubtedly be surprised to learn just how many individuals do not have a Will in place. However, the fact of the matter is that without one, protecting your wealth and making financial provisions for your family, should you wish to do so, can become challenging.
IHT does not only impact the richest among us, nor is it a tax that should be ignored simply because of age; after all, no-one wants to end up paying more than is necessary.
Careful IHT and estate planning is key to safeguarding what you’ve worked hard for, and to making sure it is passed on in the most tax-efficient manner possible.
We share your concerns about paying Inheritance Tax; but, with knowledge of your circumstances and a proactive, prudent approach to working with you, you may find that you end up with little or no liability as a result.
Not knowing where to start no longer needs to be a concern, when you are working with experienced tax advisers. We will sit down with you and discuss your wishes and how these can be realised; for example, by creating a trust which is something we can also assist you with.
We will work closely with your legal adviser on the drafting of your Will, or we can recommend a trusted Will-writer who can act for you.
At George Hay Chartered Accountants, we can:
- help you to plan in order to save on IHT;
- assist you with leaving your assets to whom you want;
- advise on tax-efficient Wills;
- ensure that you are correctly utilising the transferable nil-rate band;
- identify and help you to claim the inheritance tax reliefs that are available to you;
- be a source of support and advice for your family business;
- help you to decide whether a Trust is appropriate; and, much more.
From our offices in Huntingdon, Biggleswade and Letchworth, we work with families and individuals in Cambridgeshire, Bedfordshire, Hertfordshire and throughout the country to put plans in place that are right for them.
If you would like to talk to one of the team about Inheritance Tax planning, estate planning or about getting your wishes down in writing, by creating a Will, contact us today.