Inheritance Tax Planning
As a professional independent financial advice practice, we are here to advise you on long-term objectives regarding inheritance tax planning. With Inheritance Tax Planning we like to sit down with you and help you make decisions regarding your family and your finances.
Question is – when should you start thinking about Inheritance Tax?
At the moment, inheritance tax is payable on assets and wealth over £325,000 if you’re a single person and £650, 000 if you are married, so if you have any property, life assurance policies, savings or business assets, then you could be liable.
How does inheritance tax work?
Your estate will be charged tax on any personal wealth after you’ve died, which means your beneficiaries may be liable to pay 40% inheritance tax on the value of your remaining assets over and above the current allowance.
With careful planning you can mitigate and reduce the amount of inheritance tax payable, keeping your assets where you’d want them to be, with your family.
How can you reduce your inheritance tax?
This can be done in a number of different ways so it’s important you discuss this with a specialist, such as ourselves, so you can go over the different methods and decide on which one is best.
What sort of things should I consider?
There are a few things you need to think about, such as:
- The value of your assets today and how this will change over time
- Your financial security and that of your family
- Your future financial needs.
It’s important to make sure that your family is provided for, and this is especially important once you retire. Give all your assets to your children now, and you may regret it later when you need money to live on in later life.
How will all this affect my family?
We’ll talk to you about your assets and how much you want to transfer to your children, if you have any.
There are important things to consider, such as how much money you’d want to leave your partner should you die first. Naturally, you’d need a will to reflect your wishes.
Is my business affected by inheritance tax?
Potentially yes, but again there are options that can be considered to help mitigate against this, to ensure that as much as possible can be passed onto your family and beneficiaries, without having to worry about a big bill from HMRC.
If you want to reduce your inheritance tax liability and plan ahead, then why not get in touch with us here at Horizon.
Contact us today to arrange a FREE no obligation consultation.