Business and Management

Inheritance Tax and Planning – Questions to Ask

Inheritance tax is not one of those topics that people like to talk about. Which is totally understandable. However, changing the rules about who is affected and who is not affected by inheritance tax rules makes it not only smart but also important to keep the latest laws up to date.

And it’s not just the rich and famous that should be aware of inheritance rules – if you own a home or business, for example, you need to make sure you’re taking the right steps now to make sure your loved ones don’t get left behind around you. pocket to hold after you leave. You can find the bestexpert advice on inheritance tax planning and trusts in London.

So what questions should you ask yourself about inheritance tax and inheritance planning?

tax on inheritance

How is my spouse subject to inheritance tax? What rules apply to “giving” wealth to my family? What about trust relationships? As always, every individual situation is different, so it’s important to get the best advice – tailored to your specific needs.

For example, your independent financial advisor might offer to “donate” assets to your current intended beneficiaries to avoid paying inheritance taxes, or offer to leave some of your assets for your grandchildren.

As a tax that generates huge government revenues, it is one of the most avoided. One politician said it was a tax that should only be paid by those who love and adore the government more than their husbands.

The rules for this tax change every year. Last year alone, the threshold was raised to 312,000 per person. Couples can also double together to share their tax limit. When calculating your inheritance tax liability, you must take into account gifts made in the last 7 years. There are assets that are not withdrawn by IHT. A good financial advisor will take all of these into account when calculating your responsibilities. In conclusion, these taxes can be avoided if you seek advice from the right professionals

Doug Parks

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