How much of your children's inheritance could be lost in unneccesary tax?
Recognised as a leader in Estate Planning and protection, the Inheritance Planning Company has been helping clients keep their wealth and assets (including business assets) 'in the family' since 1990.
Our specialist areas include:
- Tax and Inheritance Law
- Inheritance-related tax efficiency, including:
- Inheritance Tax
- Capital Gains Tax
- Corporation Tax
- Property, Asset and Business Protection
- Pension Protection
- Death In Service Benefit Protection
- Non-domicile and International matters
- Wills and Trusts
We welcomed the change in the Finance Act 2008 that meant the married couples' and Civil Partners’ combined allowance before Inheritance Tax is payable is potentially £650,000 (twice the previous Nil Rate Allowance on second death).
However in order for an estate to qualify for this, HMRC require to see various documents in order to determine what proportion of the Nil Rate Band they will agree to transfer. If the documents are not available and the first death occured more than 6 years ago, it may be difficult (or even impossible) to substantiate a claim for the full amount.
In addition there may be considerations other than Inheritance Tax, such as protecting assets against Long Term Care, and potentially damaging redistribution that can occur in the event of a surviving spouse re-marrying.
What is essential is a properly constructed Will, through which you can ensure your wishes are carried out, and valuable assets such as the family home are protected from financial predators for your intended beneficiaries
Also, if you have no Will or it is not properly constructed:
Our Wills and other provisions ensure assets remain destined for the children, legitimately protecting the estate of the first parent to die from hostile creditors (such as Long Term Care). Security is also provided against the potential risks to an estate from re-marriage, whilst allowing the surviving spouse or legal partner access to assets during their lifetime.
For those with assets greater than £650,000 there are still considerable measures that can be taken to reduce your children’s exposure to Inheritance Tax.
All of these areas require specialist professional advice relevant to your personal circumstances - and we are here to help.
Get in touch with us to find out how you can arrange a free, no obligation confidential meeting at your home or office with one of our Client Advisers. Email: email@example.com or call 01442 843939
On This Site
See what tax you will pay in event of your death using our calculator.
Think your spouse or partner will inherit your estate, if you die without a Will? This may not happen! Find out more about Why you should make a will
Read our FAQs to see why writing a will is so important.