When it comes to Inheritance Tax (IHT), ignorance is not an option. Overlooking the implications of Inheritance Tax could impact your family for generations. At Lowes, we are advocates of sound financial planning that can legitimately lead to more of your money going to your chosen beneficiaries instead of the government.
Every individual has a tax-free allowance on their estate up to the threshold of £325,000, known as the nil-rate band. After death, should your estate exceed this limit, your loved ones could see 40% of the excess going to HM Revenue & Customs. This could mean that without appropriate planning, HM Revenue & Customs could become the main beneficiary of your estate.
It is important to appreciate that, even if your estate is worth less than the nil-rate band, ignoring Inheritance Tax planning could ultimately prove to be a costly mistake.
Fortunately, effective IHT mitigation will reduce any financial burdens your beneficiaries risk being exposed to.
There are many IHT mitigation techniques that can be utilised as part of the financial planning process. Whether these involve taking advantage of exemptions and reliefs, or, simply structuring your affairs and investment portfolio with an eye on legitimately mitigating all taxes, sound financial planning is about achieving the right balance of maintaining access to your money when you need it, whilst also saving tax.
Whilst it’s never too late to take some action, when it comes to Inheritance Tax planning, the sooner you start taking action, the better.
Talk to a Lowes Consultant about the different strategies than can be implemented to help ensure as much of your wealth as possible is passed on to your loved ones instead of the government.
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