IHT Planning

The taxman will still be here when you've gone. By making a few plans now, you can ensure that more of your wealth goes where YOU want it.

Here's an idea of what you should be thinking about, depending where you are at in life:

  • Unmarried

Make a Will and make your wishes legal. If you're single, who's going to get your estate? Maybe you'd like to benefit a particular friend, relative or a favourite charity. Without a Will, it may not happen as you would have wished.

  • Living as partners

Unmarried people (and same sex couples not in a Civil Partnership) don't benefit the same way as spouses and civil partners. Your estate, including a shared home, won't automatically go to your partner without a potential tax bill. It's doubly important for you to make a Will and to think about IHT.

  • Married and civil partners

Even though gifts to spouses and civil partners are tax-exempt, there's still a catch. If the surviving partner inherits the whole estate, they could land their family with a big IHT bill when they die. A professionally drawn-up Will can help to save, or even wipe out a big tax bill.

  • Golden Years

If you've built up substantial savings, you may not want to give them to your family right now, but you certainly don't want the taxman to have them later. As well as ensuring your Wills are tax efficient, think about putting some of your savings in a suitable trust. It could help reduce the IHT bill on your estate.

 

For help with wills and inheritance tax planning, either give us a call on

0800 389 2276

or send us an enquiry form.

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