Estate planning

Minimise the effect of Inheritance Tax

Estate planning

Estate planning is an essential part of your overall financial plan to help understand how your wealth will be passed on. Our job is to ensure the biggest beneficiaries of your estate are your loved ones. For some, it makes good financial sense to start passing on assets whilst you are still alive. However, a dedicated insurance policy may be more suitable for others. We will tailor a solution that is suited to your assets and aspirations and ensure your will is properly structured. We also focus on inheritance tax (IHT) planning to help minimise the impact this can have on your estate.

In certain circumstances, this reorganisation can also have the beneficial effect of reducing your overall income tax bill.

Estate planning & inheritance tax

Inheritance tax is one particular area of tax planning that often requires additional consideration. It is important to know if your estate is entitled to the residence nil rate band (RNRB) because it significantly affects the amount of tax you owe. If you haven’t planned for IHT and your estate is above the threshold of RNRB, you voluntarily pay 40% tax. The current thresholds are:

  • Over £325,000 if you are single.
  • £650,000 if you are married, widowed or in a civil partnership.

Therefore, maximising the wealth you pass on to your heirs is often a key consideration and central to many people’s financial plans.

Find out more…  Call 0345 345 5111 or email us today


2016/2017 year end tax planning

2016/2017 year end tax planning


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