Inheritance Tax

Estate planning, or IHT planning, is essential to make sure that your estate passes on to your family, friends and other beneficiaries after your death in the way you have planned and in the most tax-efficient way possible.

Planning provides an opportunity to consider who you want your beneficiaries to be and when you may want them to receive financial help.

The rules for Inheritance Tax

Your estate is made up of everything you have, including your home, property and savings. After any debts are paid, anything over the tax-free allowance of £325,000 could be subject to 40% inheritance tax. We know that losing a loved one is devastating enough already, without the prospect of such a steep tax bill.

However, there are several ways that this can be reduced or mitigated, and our expert advisers can offer advice on the right decisions for you.

Estate Planning the right way

Solutions to inheritance tax mitigation can include trust planning, which is a complex area of financial planning, making use of annual allowances permissible by HMRC, and making gifts.

For any of these solutions to be effective they must be planned carefully and abide by HMRC rules. For example, for an outright gift to be exempt from inheritance tax it needs to be given 7 years before death. This requires careful planning to make sure you are not left short in later life by any gifts you make.

Your adviser will discuss inheritance tax planning and mitigation and advise on how this can be achieved whilst still meeting your other financial planning objectives.

Contact us to arrange a free initial consultation with one of our expert independent advisers.

“Thank you both [Matt Hignett & Samantha Bound] for your help and advice, and for explaining everything in simple terms. 6 months ago I was expecting to work until I was 65, so to say your advice has been “life changing” certainly isn’t an understatement.”

Graham, Wirral

“Matt has advised me throughout the retirement and pension process. Matt is always available and responds promptly and expertly to any query or request I have had, explains every option and gives the best advice for me. I would not hesitate in recommending Matt for any financial advice and I’m sure Matt won’t mind me thanking Hilary for her help as well.”

John, Ellesmere Port

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Kim, Wirral

“Mark and his team have consistently provided excellent service and ensured that at all times up to date financial information and advice was made available in clear reports or using secure information portals.”

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