Inheritance Tax Planning


Inheritance Tax and associated planning is a complex area where detailed and considered plans need to be made. With careful planning within the tax laws we can guide you to make the most of inheritance tax mitigation rules to reduce the burden on your estate.

Inheritance tax of 40% is potentially payable when someone dies and has an estate that is in excess of the Nil Rate Band (for the 2019/20 tax year the allowance is £325,000). It can also be payable on gifts or trusts made during someone’s lifetime.

We advise on and consider the following strategies that may reduce your Inheritance Tax liability.

Wills

It is important to make an effective will. If you don't leave a will, your estate will be shared out among your next of kin according to a strict order of priority called the 'rules of intestacy'. This means that people you want to benefit from your estate - such as a partner you're not married to or in a registered civil partnership with - may not benefit.

Exemptions

There are a number of exemptions you can use to reduce the value of your estate and potential Inheritance Tax liability. These may vary dependant on your personal circumstances. We are happy to discuss strategies which can include:

  • Gifting

  • Life assurance

  • Trusts


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Orchard Inheritance Tax Planning
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