Planning your affairs for after you are gone might not be a subject you like to think about, but being pro active in organising your financial affairs could mean the difference between setting your loved ones up for an easier future or leaving them with a great headache as well as the loss of a loved one.
It’s more and more likely that you will need to consider inheritance tax in your financial plans. Although it used to affect only the very wealthy, a general rise in house prices over the past decade means that more people have fallen into the inheritance tax bracket.
Inheritance tax is payable if the value of your estate exceeds £325,000 (in the tax year 2013/14). Tax on any part of your estate above this threshold may be charged at 40%. However, there are various exemptions and reliefs available, and it is sometimes possible to use the nil rate band of a spouse or civil partner who dies earlier.
Your estate includes everything you own, less any outstanding debts, when you die. Even if you give away some of your assets during your lifetime, such as property or money, they may still be included in your estate if they are given away within 7 years of your death.
There are ways that you can reduce the potential inheritance tax bill, or even eliminate it altogether. Please note that tax rules can change in the future.
This is often a very hard and contentious issue to bring up with close family and friends, but don’t be shy in coming forward about the importance of having an up to date Will. Should the worst happen, if you haven’t made a Will, then the law gets to say what assets get shared out to whom and how much. It is also an effective a way of planning how much tax might be paid on your estate.
Taking into account all your options for tax mitigation and tax efficient planning could give you peace of mind knowing you have done everything you could to preserve what you have made for your loved ones. Please get in touch for Honest Effective Life Planning
We conduct Inheritance tax business all over the country but the main areas we service are: Sheffield (All encompassing but mainly Dore, Totley, Bents Green, Whirlow, Tapton), Bakewell, Baslow, Chesterfield, Buxton, Matlock, Alfreton, Belper, Chatsworth, Stockport, Wilmslow, Prestbury, Cheadle Hulme, Didsbury, Alderley Edge, Chapel En le Frith, Dronfield, Barlow, Cromford, Clay Cross, Barnsley, Hazel Grove, New Mills, Tideswell, Eyam, Edale, Castleton, Ashford in the Water, Bradwell, Bamford, Grindleford, Frogatt, Calver.
For a consultation in person or online
Speak to an experianced financial advisor
“We have been clients of Andrew Stuart and Company for a good many years and have always found them to be professional, helpful and good communicators. They have always kept their finger on the financial pulse. We have no reservations in recommending this Company.”
Mr & Mrs B Edwards