When you have worked hard and accumulated assets/wealth, it can be a devastating prospect to think that 40% of your assets will be taken in tax upon your death.
Inheritance Tax has many aspects and ensuring you preserve as much as you can for the next generation(s), is an emotional dilemma and often complex process, which generally takes some years to devise and implement. Coupled with this conundrum, is the complications that for some, the beneficiaries do not have the means to meet the potential tax liability. But, there are some simple short term steps which can be taken, to ensure your hard won wealth can pass down the generations, with all dues paid.
However, we would always seek to work out how any Inheritance Tax liability remaining after using your threshold allowances, can be minimised by the use of all the available annual and periodic allowances, gifts, exemptions and legitimate tax planning routes, before recommending protection solutions. Speak to one of our experienced and qualified advisers on how to develop a long term strategy for progressively passing on and preserving your family wealth.