You have worked hard for your money, and you want your family to benefit, not the tax-man. Clever use of fairly simple legal structures, allied with suitable products, can make sure you leave more behind for the family, and less for the tax-man.
Around two-thirds of the adult population has still not taken the important steps of making a Will. What’s more, many existing Wills are either out-of-date or completely ineffective when it comes to reducing the burden of Inheritance Tax.
The first, and most important step is ensuring you have a will. This can easily be taken care of with one of the many providers of 'make your own will' kits. This need not be expensive, nor time consuming. Please be aware that Wills and tax planning are not regulated by the FSA.
However, a professionally prepared Will ensures that your wishes are fully met but it should also be the cornerstone of your Inheritance Tax planning because the immediate saving for your family can be over £100,000. In other words, this is money that can benefit your children and grandchildren rather than the taxman.
Using trusts in line with suitable investment products can ensure an efficient movement of assets from one generation to another – if you plan for it, you can greatly reduce the tax you will pay.
Inheritance Tax planning is a complex subject and is something Tisco specialise in. If you intend on trying to limit your inheritence tax liability, please contact us on 01727 734040 and TISCO can discuss your options.