Inheritance Tax Planning, to help you minimise your Inheritance Tax liability
Inheritance Tax can cost loved ones hundreds of thousands in the event of your death, yet it’s possible to legally avoid a lot of it, or even pay none at all, with Inheritance Tax Planning.
More and more families have been hit by Inheritance Tax (IHT) in recent years after steep rises in house prices. Your family home could be worth more than you thought.
Every individual has a tax-free allowance of £325,000 and IHT applies to the value of the estate above this at a rate of 40% on death. In 2017/2018 inheritance tax revenue exceeded £5 billion for the first time. This is expected to rise over the coming years as more and more families exceed the threshold.
Firstly, the team at Milestone Financial Planning will give you inheritance tax advice and calculate what the inheritance tax liability would be on your estate. We’ll then look at ways you can minimise this liability by identifying suitable solutions, including trusts, life cover, charitable gifts or simply taking advantage of exemptions.
We are up to date on all inheritance tax changes, so get in touch with the expert team at Milestone Financial Planning to arrange an initial no fee, no obligation meeting to discuss how you can minimise your Inheritance Tax liability for your loved ones.
Cover your family for when you are not here
The simplest way of reducing the chance of your spouse or family members getting a hefty inheritance tax bill is by creating a will, however this will not eliminate the tax completely.
There are many other methods of ensuring that your family don’t lose your hard-earned money and assets, which most people will not be aware of. By gaining professional inheritance tax advice from experts such as our team here at Milestone Financial Planning, you will be able to pre-plan to help your family after you die.
Why opt for inheritance tax planning services?
It is likely that, unless you carry out in depth research or know someone who has a background in financial planning, you will not be able to create a thorough plan to avoid IHT by yourself. For this reason, there are services out there which will go over your financial position and advise you on the best way to prepare for your death – such as the inheritance tax planning service we offer at Milestone Financial Planning.
If you have assets which you are going to pass on to your family, and want to make sure they get as much as possible, it makes sense to start planning now. Get in contact with one of our team on 01246 903053 to see how we can help you.
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