Inheritance Tax planning is not normally something we jump into with any enthusiasm. Why would we? It’s a dry topic that rolls death and tax into one; hardly an appetising conversation to have over a good meal with friends.
The usual grumble is that, “it’s too complicated, too confusing”. I’ve lost count of the times I’ve heard, “I only want to keep it simple!” Unfortunately, though, the truth hurts: if you’ve worked hard to build an empire worth taxing on your death, no government will make it easy for you to avoid this tax.
So, where should you start? To begin with, don’t be put off by talking about death. It’s going to happen at some point, so focus on taking control of your wealth with a well-prepared Will. The Will-drafting process should include a thorough assessment of your current assets and debts, so your planning routes will then become apparent.
When you’ve taken care of the Will, consider the “quick-wins”. Have you more income than you spend? Then create a regular gifting plan of the surplus amount. Have you arranged life insurance? Then make sure it doesn’t add to the tax problem by keeping it away from the rest of your wealth.
A good advisor will make the complicated seem simple, even though it may involve some sophisticated legal structures. Here at Russell Jones & Walker, part of Slater & Gordon Lawyers we offer that expertise with fixed fees so you can choose a solution to fit your budget.
Contact us about our Inheritance & Welfare Team who can advise you today
Please call 0800 916 9055, or email
[email protected]. Our Inheritance & Welfare specialists operate across the country and can offer immediate and accessible representation anywhere in the UK.
