Inheritance Tax (IHT) can be a pretty hefty tax at 40% on taxable estates. A Professional Will Writer can save IHT in many cases.
Professional Will Writers will be able to work out with you whether your death (or that of your parents) would create a massive bill from the Taxman.
You can save IHT by making sure that you understand what is part of your “taxable estate” when you die. Professional Will Writers working with us have the benefit of our Tax Barristers expertise as well as their own.
A checklist of things to look out for:
Things that people often forget which could increase the Inheritance Tax Bill include:
- Life insurance – even if it is in Trust, it could well dramatically increase the IHT bill on second death – which could be soon after.
- You have made gifts which you continue to benefit from. A classic is putting your home in the children’s name and continuing to live in it. Should you have done that, you REALLY need to contact us to save IHT, Capital Gains Tax and many other disasters. If your home is in Trust, and the children are just Trustees, that is another matter entirely – no need to panic!
- Gifts made in the previous 7 years and sometimes 14 years can be pulled back into your estate for IHT calculations. A professional Will Writer can advise you how to keep records and give you simple tips to enable you to save IHT.
- Unmarried couples who have a reasonable level of assets can cost themselves £130,000 by having Wills which are too simple. That is a lot of money to give the Taxman just because you haven’t bother to take advice and save IHT.
Quite apart from access to the Tax Barrister, our professional Will Writers will be able to give you a pretty comprehensive IHT Guide with your Wills. The JHT Guide will show you how to save IHT – tens or even hundreds of thousands of pounds. If you are really well off, you could save millions in IHT (given time) even without the help of our IHT Barrister.
Contact us for advice on how to save Inheritance Tax