Property, possessions, investments and savings are all regarded as assets, and all are liable to inheritance tax along with certain lifetime gifts and interests in trusts. Admittedly it’s complex, but careful, early planning together with the expert advice of our experienced lawyers can help lessen your liability.
Protect your assets from IHT
Trusts, restructured Wills, some lifetime gifts and deeds of variation can all help minimise the tax payable on your death, in turn maximising the amount you leave behind. Agricultural and business property relief are two of the most valuable reliefs available as they can allow assets to be passed on, free of inheritance Tax.
Inheritance Tax changes
It’s important to note that from 6 April 2017 an additional IHT allowance was introduced, which may benefit people who wish to pass on their home to children or grandchildren. If you’d like us to review your Will in light of these changes, please get in touch today.