Tax Planning
When writing your Will, it can also be utilised to be tax efficient. Without proper inheritance tax planning, your family could be faced with a large tax liability when you die, considerably reducing the amount your loved ones receive. If you die and your estate is over a certain value, your beneficiaries may be liable to pay inheritance tax at 40% of the value of your assets above that amount.
Benefits of Tax Planning
By taking advice on Inheritance Tax planning, you may be able to:
- Mitigate Inheritance Tax
- Keep your assets within your family
- Protect your Inheritance Tax allowance if you were to die and your partner were to re-marry
- Protect assets passing to children/grandchildren from the risk of their becoming bankrupt or divorced
- Protect assets for your surviving spouse
- Protect assets from Care Home fees