Inheritance Tax planning
When you move on from this life, you’ll want to make things as easy and comfortable as possible for those you leave behind. That involves doing all you can to ensure as much of the wealth you’ve saved over your lifetime stays with your family and other loved ones.
Today, though, a lot of people die ‘too wealthy’ and end up paying wealth taxes in the form of Inheritance Tax. So it isn’t uncommon for HM Revenue and Customs to be the largest beneficiary of an individual’s estate.
And it isn’t an issue reserved solely for the ultra-rich. With the increase in house prices over the last 40 years, many people who don’t consider themselves wealthy are falling foul of tax regulations.
Why, then, are so many people reluctant to do anything about it? It could be, as Roy Jenkins wryly suggested, a distrust of those who stand to inherit the estate. More often than not, however, people are simply unwilling to seemingly ‘let go’ of any part of their wealth, concerned that they ‘may need it.’
Speak to us at Town & Country, and you’ll be pleasantly surprised at the options available to you. Each is designed to mitigate your Inheritance Tax liability and ensure as much of your estate as possible goes to those for whom it is intended.