Inheritance Tax Planning

Roy Jenkins when Labour Chancellor of the Exchequer famously quoted:

"(IHT is)... broadly speaking, a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue..."

Appropriate planning could have a massive impact on personal wealth –

A family estate of £1.6m, three children and wills in place could result in the taxman being an equal beneficiary alongside each child, receiving £400,000.

Using annual exemptions may help but the best protection is to plan, possibly using trusts, to efficiently reduce IHT liability, retaining control over capital and access if required. This is an inexpensive review process that could save its cost more than tenfold.

The 2007 legislation change allowing the transfer of any unused Nil Rate Band to surviving spouse or civil partner creates an interesting but untimely puzzle for survivor and family in the event of the first death. It simplifies the Will needed to protect the Nil Rate Band, but whether it is advisable to rely on the Double Nil Rate Band being of any value at the second death is uncertain.

Our IHT expertise helps clients reduce the size of the legacy to HMRC. This includes consulting with clients at the time of a family death; taking account of circumstances, objectives and legislation then, rather than making arrangements now and hoping they will apply to best effect at some future date.

We can help you organise:

1. Your Will, so it efficiently reduces any potential IHT liability.
2. Trusts for family & dependants, to hold assets outside your
   Estate to reduce IHT, and
3. income if you need it within your IHT planning.

Our IHT review can help you assess your current IHT liability and suggest constructive ways to re-organise your assets and set up necessary Trusts to minimise your IHT liability.