Dying is not something people like to think about but, for most, it is important that adequate provision is made for our close family and friends who survive us.
Inheritance Tax is effectively a double tax as it is payable at death on assets acquired during your lifetime from funds on which you will have most likely paid Income Tax or Capital Gains Tax. The rate of Inheritance Tax is currently 40%, which could significantly reduce the estate you leave your loved ones.
It was once considered that Inheritance Tax was a tax on the wealthy, but with the continuing rise in property prices, more and more people are being pulled into the Inheritance Tax regime, even though they might have only had a modest living standard. This is why Inheritance Tax Planning has never been more important. Fortunately there are a number of generous tax reliefs and allowances that, if correctly structured, will reduce your potential exposure to tax, meaning you can leave more to your chosen beneficiaries.
Inheritance Tax and Estate Planning have always been a core specialism at Mitchams. We firmly believe it is never too early to start planning Inheritance Tax mitigation, as the earlier you start, the greater the chances of taking full advantage of the opportunities available.
We are able to offer a specialised service in this area to suit the individual needs of our clients; from ensuring you have a tax efficient Will, to providing an in depth Inheritance Tax review with advice on how your affairs can be structured to minimise tax exposure and still meet your needs.
If you would like to discuss how we can assist you with Inheritance Tax Planning, please feel free to contact us for a free, non-committal initial meeting.