Inheritance Tax Planning
Inheritance tax can become a concern when the value of your property, investments, pensions and other assets grows over time. The earlier you understand your potential position, the more opportunity you may have to consider your options.
How Can You Plan for Inheritance Tax Without Losing Control of Your Wealth?
Balancing effective estate planning with your own ongoing financial security requires clear insight into how your assets are structured.
How do I know if my family could have an inheritance tax liability?
The answer depends on the value and nature of your assets, your family circumstances and how those assets are owned.
A review can help establish whether inheritance tax could become an issue and what may need further consideration.
Can I reduce inheritance tax?
There are a number of planning options that may be relevant, including gifting, pension planning, trusts, investments and appropriate insurance.
However, reducing tax should not come at the expense of your own financial security.
What about property?
For many families, the family home is one of their most valuable assets. If you also own investment or rental properties, the overall position can become more complicated.
Property should therefore be considered as part of the wider estate rather than separately.
Should I give money to my children now?
Gifting can be part of an estate plan, but it is important to understand the rules and the potential consequences before making significant gifts.
You also need to consider whether you may need the money yourself later.
What about pensions?
Pensions can form an important part of estate planning.
Your pension arrangements and beneficiary nominations should therefore be reviewed alongside the rest of your estate.
Important Inheritance Tax & Regulatory Notice:
The levels and bases of taxation, and reliefs from taxation, can change at any time and depend on individual circumstances. Inheritance Tax (IHT) thresholds and rules are set by HM Revenue & Customs (HMRC) and are subject to change.
Estate planning and certain tax planning services (such as trusts and tax mitigation strategies) may not be regulated by the Financial Conduct Authority (FCA). Always consult professional advisers regarding your specific estate and legal situation.
Understand Your Family’s Inheritance Position
If you are concerned about inheritance tax or want to understand what your family could potentially inherit, contact Corcillium Wealth Management to arrange a conversation.
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