Inheritance tax is often referred to as the voluntary tax. This is because with careful estate planning, any potential tax bill on death can be significantly reduced and sometimes entirely mitigated.
Once we understand your financial position and your wishes, we will be able to advise you on the many methods at your disposal. Often this can be achieved by maximising your use of the various tax allowances available to you or perhaps making a gift of a portion of your wealth to the next generation during your life time. If gifts are made early enough there is a chance, they avoid Inheritance tax completely. Other methods are the use of various trusts or life assurance policies. Whatever tools are required to solve your problem, our advisers are here to offer trusted independent advice.
Unfortunately, Inheritance tax is not your only problem. We are all living longer these days and yet, someone turning 65 today has approximately a 70% chance of requiring some level of long term care during their life time. In many cases you will be responsible for 100% of the cost of this care until your assets have fallen below a prescribed threshold. This can greatly reduce the amount of wealth you retain to pass onto your beneficiaries. Careful planning ahead of time can help you reduce this burden.
Inheritance tax is often referred to as the voluntary tax. This is because with careful estate planning, any potential tax bill on death can be significantly reduced and sometimes entirely mitigated.
Once we understand your financial position and your wishes, we will be able to advise you on the many methods at your disposal. Often this can be achieved by maximising your use of the various tax allowances available to you or perhaps making a gift of a portion of your wealth to the next generation during your life time. If gifts are made early enough there is a chance, they avoid Inheritance tax completely. Other methods are the use of various trusts or life assurance policies. Whatever tools are required to solve your problem, our advisers are here to offer trusted independent advice.
Unfortunately, Inheritance tax is not your only problem. We are all living longer these days and yet, someone turning 65 today has approximately a 70% chance of requiring some level of long term care during their life time. In many cases you will be responsible for 100% of the cost of this care until your assets have fallen below a prescribed threshold. This can greatly reduce the amount of wealth you retain to pass onto your beneficiaries. Careful planning ahead of time can help you reduce this burden.