WHAT IS INHERITANCE PLANNING TAX ADVICE?


Inheritance tax is the tax on the value of your assets when you die. And Inheritance tax advice is to give people peace of mind, making sure the right people receive what you want them to receive and you pay as little inheritance tax as possible. It includes advice on Wills and how to structure wealth and trust estates in an efficient way.

No one likes talking about inheritance tax. Because when we do, it means we have to face up with the fact that one day we’ll no longer be around. It can feel daunting. And it can feel awkward for relatives to bring it up too. Even though they care about you, they probably don’t want to appear like they’re after your money.

So, with no one talking about inheritance tax planning advice, we’ll give you a few tips. You’ll want to make sure everything’s sorted for the people you love, that the right people inherit your wealth and you’re paying inheritance tax in the best way possible.


EVERYONE IS DIFFERENT...


But the rates are the same. When you die, the government will assess your assets and figure out how much your estate is worth. This can include cash in the bank, investments, any property or businesses you own, vehicles and pay-outs from life insurance policies. Then, your estate will owe tax at 40% on anything above the £325,000 inheritance tax threshold. Plus, the new ‘main residence band’ of up to £175,000.

Yet when we say everyone is different, this means we all have different attitudes towards our inheritance. You may wish to give some of your inheritance to charity. You may also want to minimise the impact of inheritance tax on your family. In this case, you’d probably start succession planning early to protect your wealth as much as possible. We could give you inheritance tax advice and help on writing or reviewing your Will.

Our point is, we’re all different. And it starts with some good thinking about what you want followed by a good conversation with an adviser.


PLANNING FOR THE FUTURE


When it comes to inheritance tax advice, we typically work with people and their entire family – sometimes looking after three generations. We’ll review and advise you on your Will, work out a strategy to protect your wealth and consider options such as placing your assets or money into a family investment company or trust. We’ll work with lawyers and our wider tax team to protect your assets and give you peace of mind.

We work with lots of wealthy individuals. Shareholders, landlords, business owners, entrepreneurs. You might have just sold property or business too. You might be all of these things or even retired. There’s never a bad time to start talking about your inheritance tax. Even though it might feel there’s never a good time either. So, if you need some inheritance tax advice, you know where we are.

SARAH AXE

Personal Tax Partner


When something important happens, we make sure we're on top of it.

E: saraha@cooperparry.com


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