Benjamin Franklin famously said, ‘In this world nothing can be said to be certain except death and taxes’. And without proper planning, if your estate is valued at over £325,000, everything above this figure could be taxed at 40% when you die. Even in death there’s no relief from taxes!
However, there are certain steps you can take to mitigate the amount of tax you pay. By taking these measures, you can start to plan your estate to stop the taxman getting his hands on your assets before your children do.
Heres a video to help understand some of the rules surrounding Inheritance Tax. If you are worried about Inheritance Tax Planning, our advisers are experienced in this area of financial planning.