Inheritance

Inheritance Tax (IHT) now affects millions of people – and this is now not only those who are wealthy. Although house prices have fallen recently, they have increased dramatically over the years and this rising of house prices and increased personal wealth now means that many homeowners have assets which are in excess of the modest threshold.

Second death couples who are either married or in civil partnerships can now combine their tax-free allowance of up to £325,000 each, but even so, good inheritance tax planning should be put into place and we at Legacy Estate Planning have specialized in helping individuals avoid high inheritance tax bills for many years.

In the event of your death any assets you may have in the excess of £325,000 will be liable to Inheritance Tax and this is payable at a rate of up to 40%, and each year the Government collects billions of pounds of Inheritance Tax.

Inheritance tax is payable on death but despite this fact it is viewed by many as a voluntary tax, Legacy Estate Planning can help you with professional financial planning and guide you through putting together an effective Will, and these procedures will legally reduce your Inheritance Tax or even result in being avoided altogether.

As a client of Legacy Estate Planning we will provide you with good financial and legal advice to allow you to plan ahead effectively and reduce your Inheritance Tax liability, this will be put in place by using trusts which we can set up in your Will, using available allowances and exemptions and using tax efficient investments.