Inheritance Tax Planning
With careful strategic planning, you can reduce or even eliminate a potential Inheritance Tax liability and ensure that your estate is dealt within in the most effective way, in accordance with your wishes, and without delay.
Key estate planning principles:
- ensure that you have tax-efficient wills that clearly state how you wish your estate to be distributed.
- make the maximum use of available allowances and reliefs.
- consider reducing the value of your estate by making gifts during your lifetime. When making gifts, it is important that you retain sufficient assets and income to support your current and anticipated lifestyle.
- consider the use of trusts as a way of making flexible and tax-efficient estate planning provision. These opportunities have been restricted since the 2006 budget, but Ashcourt Rowan will be able to provide access to specialist advice on the use of trust instruments.
- if it is not possible to eliminate a potential liability, you may consider providing for it instead. This may be achieved through a suitable life assurance policy.
