Inheritance Tax and Will Planning
“There are only two certainties in life – Death and taxes” – Benjamin Franklyn, one of the founding fathers of the United States. However what this phrase fails to capitalise on is that often the two are inextricably linked. With the rate of inheritance tax set at 40% this can be a huge proportion of an individual’s estate. Careful consideration is needed on how this liability can be reduced.
Inheritance tax used to be called the optional tax, as it was, and remains the case, that the tax can be mitigated by careful planning. However the introduction of the gift with reservation of benefit rules in 1986, the pre owned assets regime in 2005 and the alignment of trust taxation in 2006 has made the matter more complicated than it ever was.
We can help you to understand your options, calculate your liability and plan to reduce your inheritance tax burden.
As part of our team we have members of the Society of Trust and Estate Practitioners (www.step.org) so we have an in-depth knowledge of Trusts, wills and probate matters that are fundamental issues to understand when mitigating your inheritance tax burden.
Please contact Kevin Taylor or Chris Watson on 01772 430000 or email: