Avoiding Inheritance Tax
Avoiding Inheritance Tax will save your family or yourself 100’s of thousands of pounds or even millions of pounds in tax.
Avoiding inheritance tax is simple and is best started earlier in life, however we have methods that can be employed when someone is in poor health and life expectancy is short. So, why pay Inheritance Tax if it is totally avoidable? Failure to plan ahead for the inevitable is often the reason for this optional tax being extracted from your estate or your parents’ estate. So call us now for a free consultation.
The tax guide that is shown below, “How to Avoid Inheritance Tax”, will give you a very good idea of what can be done conventionally in terms of avoiding Inheritance Tax. This tax guide is highly recommended reading for you before meeting with an inheritance tax consultant so that you ask the right questions and divulge the correct info to the service.
Inheritance Tax Planning To Avoid Inheritance Tax
Avoiding inheritance tax is acheived in 2 ways. The first way is to own nothing at all directly so there is nothing to tax at the time of your death. This is achieved by selling your assets into trusts or using trusts or other structures or to buy them into the structure in the first place. This can be achieved later in life too but entails more work and usually requires a 7 year period to elapse before your assets are no longer included in your estate. There are insurance policies that can cover this time period so that if you passed away before the 7 years had elapsed, the insurance policy would pay your tax. However, the insurance method can be a very expensive way of doing things.
The second way avoiding inheritance tax can be applied any time after you have established and created your estate with no movement of assets required. If a charge was secured against your estate or a debt secured against it to the value of the entire estate, this would also mean once again that there will be no estate to tax by HMRC at the time of death as there is once again no estate to tax. This sort of inheritance tax planning can be even conducted on the “death bed” so avoiding inheritance tax is something that it is never too late in life to do.
Both these methods of avoiding inheritance tax work very well but a genuine charge or debt against the estate is certainly a sound way of avoiding inheritance tax as it is less likely to be caught out by changes to inheritance tax legislation at a later date.
Qualification: Your Estate needs to be valued at over £1 Million Pounds for us to be able to assist you.
Avoiding inheritance tax – Understanding the Subject and Methods
As already mentioned we suggest that it is always a good idea to obtain some background knowledge on a subject before engaging an expert consultant. We would therefore encourage you to read this excellent guide on the subject of avoiding inheritance tax. The guide is inexpensive, easy to read because it is written for the Layman, and has numerous examples for ease of understanding. Click on the photo for more information on this particular tax guide.