Inheritance tax is one of those taxes that tends to preoccupy our clients' children more than our clients. However, when you are ready to start to think about this there are many ways to mitigate the eventual inheritance tax bill that will, in effect, fall on your family.
Making gifts down a generation, and surviving a further seven years, is the simplest form of planning but this can give rise to other taxes such as capital gains tax or stamp duty.
Considering peace of mind and financial security during the last years of your life is fundamental and as such we tend not to use complicated products or schemes which can be difficult to comprehend or may have uncertain outcomes. There are plenty of very clear ideas and techniques for saving inheritance tax and we discuss your circumstances and seek these opportunities out. Our favourite is investing in a child's business: totally inheritance tax free after just two years, still yours, helping the next generation and generating an income, hopefully!
For more on how we can help you please contact Matt Bird and Paul Ffitch.