Take proactive steps to reduce inheritance tax in today’s constantly evolving financial landscape. Families are being encouraged to carefully strategise and minimise their inheritance tax (IHT) liabilities to ensure their loved ones receive the maximum possible benefit from their inheritance.
Inheritance Tax Receipts on the Rise
Recent figures from HMRC reveal that inheritance tax receipts have risen by 7.2% compared to last year. This increase underscores the importance of strategic planning to reduce IHT on your estate.
Expert Advice from 360 Law Services
Hannah Durston, a seasoned solicitor at 360 Law Services nationwide, is a member of The Association of Lifetime Lawyers. This organisation represents the most qualified legal professionals in the UK, dedicated to providing expert advice and support to vulnerable and older individuals. Hannah Durston draws on years of experience to expertly guide you through the complexities of inheritance tax planning.
Why Planning Ahead Matters
Planning for the future can significantly reduce the IHT burden on your estate. Here are some key points to consider:
- Nil Rate Band Allowance: If your estate’s value is below £325,000, no IHT is due, provided lifetime gifts haven’t reduced the allowance.
- Married Couples and Civil Partners: You can transfer the full nil rate band to the surviving partner, effectively doubling the allowance to £650,000.
- Business and Agricultural Reliefs: Certain business assets and agricultural properties may qualify for IHT relief at rates of 50% or 100%, depending on specific criteria.
The Importance of a Will
Creating a will is vital to ensure your assets are distributed according to your wishes. Without a valid will, your estate follows intestacy rules, which may not match your intentions. Shockingly, research from The Association of Lifetime Lawyers shows that nearly half of UK adults (49%) do not have a will.
Stay Informed About Policy Changes
With recent changes in government, it’s wise to stay updated on potential policy shifts that could affect inheritance tax. Hannah Durston advises consulting with a Lifetime Lawyer to navigate any changes and optimise your tax planning.
About The Association of Lifetime Lawyers
Formerly known as SFE, the Association of Lifetime Lawyers is now a membership organisation of highly qualified legal professionals in England and Wales. These experts specialise in supporting older people and vulnerable individuals, offering them the best possible advice and care.
If you’re concerned about solicitor costs, the Association of Lifetime Lawyers recommends that you seek guidance from Citizens Advice, especially when dealing with complex wills.
Take Action Today
Act now to protect your family’s financial future. Contact 360 Law Services for expert advice on reducing your inheritance tax bill and maximising your estate’s benefit to loved ones.
360 Law Services Private Client Solicitors offer personalised estate planning to help you minimise inheritance tax and protect your assets. They guide you in drafting wills, setting up trusts, and making gifts to benefit loved ones and reduce taxes. Their tailored advice helps secure your family’s financial future with confidence.
5 Takeaway Points
Here are five takeaway points:
- Personalised Estate Planning: Tailored advice to minimise inheritance tax and maximise your estate’s value for beneficiaries.
- Expert Will Drafting: Ensures your will reflects your wishes and leverages tax-efficient strategies.
- Trusts and Lifetime Gifts: Guidance on setting up trusts and making gifts to reduce tax liabilities.
- Asset Protection: Strategies to safeguard your wealth for future generations.
- Secure Family’s Future: Comprehensive planning to ensure your loved ones are financially protected.
