Avoiding inheritance tax, through inheritance tax planning
Inheritance Tax Planning
If your estate is large in size, inheritance tax could be payable after you pass away. There are ways of reducing your estates tax bill and avoiding inheritance tax, effectively increasing the amount passed on to your heirs, through inheritance planning. Here are some considerations:
The giving of gifts,
Leave your estate to your spouse,
Use property allowances,
Consider a ‘deed of variation’,
Leave money to a Charity,
Equity release and a life insurance policy are also other options. Advice should be sought through a specialist and we recommend you consult with an independent financial advisor.
For amounts given away in excess of £325,000 in the seven years prior to your death, the beneficiaries of these gifts will be subject to inheritance tax charges. The ‘seven year’ rule would be applied.
For any of these matters, including an inheritance tax specialist, and other matters relating to estate planning, please feel free to contact us for a free no obligation consultation
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Mrs Adams had co-habited with her partner for over zo years, she had also put money into the house for home improvements in the past. He died suddenly without a will or children and when Mrs Adams attended his funeral, his sisters told her that by Law they would inherit the house. Mrs Adams was extremely wonted and following advice from two separate solicitors firms, she had given up hope of retaining her home. She then approached Perfect \Vats & Estate Planners, who advised that under the Inheritance (Provision for Family and Independence) Act tgzs she could make a claim and probably retain her home in which she had resided for many years. Perfect Wills through our Associates secured the house in her name and negotiated a very fair and affordable settlement for the two sisters
Mrs Adams - Probate 8 Contentious Probate Matters
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