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Planning ahead...

Planning ahead...

The past year or so has been unprecedented and has created uncertainty and difficulties that no one was prepared for. It has also given us the time to think... to reflect and to ask ourselves the difficult questions...

Inheritance Tax (IHT) is charged at 40% on the value of assets on death above the IHT threshold (currently £325,000). With ever increasing house prices and the growth of investments, more and more people are finding themselves liable to significant IHT on their estate. The March 2021 Budget froze IHT tax free allowances until April 2026, which is only likely to increase your IHT liability further as your assets appreciate in value.

We work with our clients to understand their ‘Bigger Picture’ and develop a succession plan for their wealth. We can help you understand your ‘number’, that is an estimate of what it might cost if you wrote out a cheque for the rest of your life based on reasonable assumptions. By doing so, we can support you in making informed decisions about any lifetime giving including consideration of any immediate tax implications.

Gift allowances can accumulate and together with exemptions and lifetime gifts can significantly reduce your IHT exposure over time provided you plan ahead; ultimately giving you more control over your legacy. We can help you understand your potential liability so you can plan how this might be paid and ensure there are liquid assets available so that your loved ones are not left in a difficult situation.

You may have a Will in place, but has this been reviewed recently to ensure your wishes are accurately reflected? Do you know who will be liable to the IHT on gifts, legacies and the estate? We have seen a number of cases recently where inequality has inadvertently occurred between beneficiaries as a result of how the IHT liability is to be settled and so it is important you consider this when making your Will. If you don’t have a Will, we can support you in getting one in place.

We are also able to offer support through our probate service. We are experienced in helping our clients through the difficult times and will be with you or your family every step of the way. We take the pressure off and make sure the process of obtaining probate is as smooth as possible.

There may be a lot to think about, but we can help you answer some of these questions to ensure you are prepared and your vision becomes your reality.

If you would like support and advice around IHT and what you can do to reduce the potential liability then please get in touch.

You can contact us on 01892 546 546 or at