Few of us like to think about dying, and many of us leave it very late for Inheritance Tax planning. However, to avoid a significant reduction in your financial assets being passed on it is advisable to plan well in advance. By making arrangements early you have a greater chance of utilising the tax opportunities available.

We provide friendly advice on the following areas:

  • Lifetime Transfers For Exemptions And Lower Tax Rates
  • Lifetime Transfers Between Spouses
  • Transferring Business Property
  • Transferring Assets Into A Trust
  • Calculating Potential Inheritance Tax Liabilities

Will my dependents have to pay inheritance tax?

Inheritance tax (IHT) is a tax upon the property, money and possessions (the estate) of somebody who has died. If the value of the estate is below the threshold set by HMRC at £325,000, or if everything is left to your partner (or a charity), there is usually no IHT to pay. This threshold can be increased in certain circumstances which we are happy to advise on.

Be aware that if parts of the estate are gifted while alive, they may still be taxed after death. Our expert accountants can make sure that your estate has the best chance of being passed on without financial or material reductions.

There is more to Inheritance Tax Planning than passing on your assets

While a big part of planning your inheritance tax obligations properly is ensuring your money and estate are passed on effectively, another important part is giving yourself the peace of mind to enjoy life, knowing you have enough to live on while still ensuring that the people you choose are looked after.

Are you interested in inheritance planning or avoiding unnecessary estate taxes? Get in touch with one of our inheritance tax specialists and we can help ensure your estate is properly taken care of.

If your estate will be valued at over £325,000 then now is the time to start planning for Inheritance Tax. Call RPA today – 01692 584222