Inheritance Tax Service Telford, Shropshire

People often see inheritance tax as ‘voluntary’ for the wealthy. This is because they can pass on their assets throughout their life. But for those with more modest means, it can be a real challenge because they need to hold onto their savings for retirement.

Many people have discovered that rising property values over time have pushed their estates into paying inheritance tax.

IHT currently applies if the value of your taxable estate exceeds £325,000. This limit covers the value of everything you own when you die. This includes your home, savings, investments, life insurance, and other assets.

As property prices and personal wealth have grown, more people are seeing their estates go over this limit. This means that their heirs could face a significant tax bill unless they plan ahead.

What does it mean for you and your family?

When you die, tax will be payable on the combined value of your death estate. Any gifts made in the preceding seven years which have not qualified for one or other of the lifetime gift reliefs.

The tax comes out of your estate, so if you want to keep the taxman’s share as small as possible, you need to start planning now.

How we can help

We can help you put together a personal plan for minimising the IHT on your estate. We can do this by using one of more of the following key strategies:

• A tax-efficient Will
• Life Insurance
• Gifts in your lifetime, including trusts