Wealth Goals Part I
Reaching wealth goals and achieving personal ambitions are major objectives of the financial planning process. In order to make plans for the future, you need to know where you are today and where you want to be in the future. …
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Using life assurance cover to fund a potential Inheritance Tax liability
After taking the appropriate steps to put in place an Inheritance Tax planning strategy, if there is still the potential likelihood of a liability on your estate, or if you have made gifts which have created a potential liability for …
Gifts without an Inheritance Tax liability
HM Revenue & Customs allows you to make a number of small gifts each year without creating an Inheritance Tax liability. Remember, each person has their own allowance, so the amount can be doubled if each spouse or registered civil …
Assets that Pass on Free of Inheritance Tax
Inheritance Tax reliefs allow some assets to be passed on free of IHT or with a reduced bill. The executor of a Will or administrator of an estate should claim the reliefs when they’re working out how much the estate …
Reducing Inheritance Tax by Giving to Charity
An estate can pay Inheritance Tax at a reduced rate of 36% on some assets (instead of 40%) if 10% or more of the ‘net value’ of their estate is left to charity.
The net value of an estate is …