Inheritance Tax Planning
Inheritance tax, or IHT as it is commonly known, is payable on everything you have of value when you die, including your home, savings and investments, cars, any other properties or land - even if they are overseas, jewellery, works of art/antiques and general household furniture
When you die your assets become known as your estate. Any part of your estate that is left to your spouse or civil partner is normally exempt from IHT. Unmarried partners, no matter how long-standing, have no automatic rights under the IHT rules.
Every individual is entitled to a "Nil Rate Band" This allows an individual to leave an amount of their estate up to the value of the nil rate band to a non-exempt beneficiary without incurring IHT.
Your executors or legal personal representatives typically have six months from the end of the month of death to pay any IHT due. The estate can't pay out to the beneficiaries until this is done.
If the collective value of your estate places you above a certain threshold, your loved ones will benefit from you taking the time to consider your IHT position now
To speak to a member of our legal team contact us online or telephone one of our offices to arrange your free initial consultation.