Inheritance Tax Planning
Inheritance Tax (IHT) is the tax charged on the value of property passing on a person's death and on certain lifetime gifts subject to certain exemptions and reliefs.
IHT is not just a concern for the seriously wealthy. It is a growing worry for many people - but unlike many other taxes, there are plenty of things you can do now to make sure you pass on as much of your wealth as possible to your family and friends rather than HM Revenue and Customs.
The use of trusts can be very important in mitigating liability to Inheritance Tax. Trusts can be created during a person's lifetime or on their death under the terms of a will.
There are various ways in which you can arrange your financial affairs to mitigate an Inheritance Tax Liability. This could be achieved by making gifts from your Estate whilst you are living or by making gifts in to Trusts.
Life insurance could be a way of providing a lump sum of money for your beneficiaries to pay the Inheritance Tax bill. This could be achieved by setting up a Whole of Life plan, written in Trust.
