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Inheritance Tax law is complex and forever changing. We can advise on the best way to plan ahead and minimise the amount you eventually pay.
The benefits of tax planning will depend on your income and assets. However, many people exceed the current Inheritance Tax threshold when the value of their homes, possessions and savings are taken into consideration. For this reason, it is often a good idea to consider tax planning during your lifetime.
An awareness of the possibility of making gifts or setting up trusts for your family or beneficiaries is important.
From midnight on 9th October 2007, the Inheritance Tax Allowance (currently £325,000.00) on the death of a surviving spouse or civil partner can be increased according to the amount of the Inheritance Tax Allowance unused on the death of the first spouse or civil partner. Therefore, the Inheritance Tax Allowance on the second death could be doubled if everything passes to the surviving spouse or civil partner.
In the circumstances, it is important to keep a record of how the estate of the first spouse or civil partner is distributed together with details of all values and inheritance tax paperwork. There are time limits for claiming the transferable allowance, and we can ensure that no tax saving allowances are missed.
These matters and many others can be thoroughly discussed with a solicitor who can then make the necessary provisions for the future.
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