It’s something that none of us enjoy thinking about, but by organising your financial matters in advance you can rest assured that your affairs will be dealt with even after your death. By taking the appropriate steps now, your family and loved ones will be looked after and financially provided for at an emotionally stressful time.
The Government’s new main residence nil rate band will essentially mean that the inheritance tax (IHT) threshold will be £1 million by 2020-21 for married couples and civil partners who own or, in certain circumstances have owned, a home worth more than £350,000. To qualify for the maximum rate of IHT exemption, beneficiaries have to be nominated, and the new rate level will be reduced for estates that have a net value above £2 million.
We provide a confidential estate planning service and can help with:
- We recommend that you have an up to date will. Should you require help making a will, Bishops have close working relationships with many local solicitors to whom we could make an introduction. We are not will writers and wills are not regulated by the FCA. You must seek an appropriately qualified legal representative.
- Using exemptions and lower tax rates on lifetime transfers
- Enhancing lifetime transfers between spouses
- The transfer of agricultural or business property
- Transferring assets into a trust
- Life assurance to cover potential inheritance tax liabilities
Wills need to be clearly written to avoid any ambiguity while trusts can be a tax-efficient way of passing assets to your spouse, children or other family members.
If you choose to benefit from our professional help, you can ensure that your family pays the lowest amount of inheritance tax possible. Furthermore, the earlier you make arrangements the greater your chance of getting the most from available tax opportunities.
Levels, bases and reliefs from taxation are subject to change and their value depends on the circumstances of the individual investor.
For more information on how we can help you with inheritance tax and estate planning, please contact us.