The rules surrounding Inheritance Tax (IHT) can be complex and confusing so it is important to seek specialist IHT planning advice to ensure that you will leave behind a legacy for your loved ones rather than handing over more than is necessary to the taxman.
There are a number of allowances that are freely available to each person, some are automatically available but many need finances to be properly organised to benefit from the allowances. The risk of inheritance tax applying unintentionally can arise even where couples are married or in a civil partnership and where business are involved, tax relief is often available as long as some relatively straight forward rules are followed.
Inheritance tax is also a generational concern. Passing estate wealth to family may often to some extent bear the cost of inheritance tax and it is likely to bear the cost again in the estates of the beneficiaries unless some planning has been undertaken. Making a “Will” or using a “Trust” can help reduce the cost of inheritance tax.
At Nicklin Private Clients , we are able to explain, in no-nonsense terms, how IHT issues might impact on your estate and help organise your estate to reduce the risk of exposure when you pass away and plan to help the next generation.
For help and advice with all aspects of Inheritance Tax planning, please contact us.