With the significant rise in the value of houses, you no longer have to be seriously wealthy to be affected by Inheritance Tax. Many individuals are also concerned at the thought of the value of the family home could one day be eaten up in meeting care home fees.
When planning in relation to inheritance tax it is vital to take expert advice so that you are aware of all the options available, including tax efficient wills and an effective strategy for lifetime gifting to maximise the available exemptions and relief.
The use of trusts is an important tax-planning tool and can ensure maximum flexibility and ongoing control to give best effect to your wishes and intentions. Again, the importance of seeking expert advice cannot be emphasized enough.
You may wish to seek independent financial advice. We can put you in touch with one of our professional contacts in this area. Alternatively, we can work closely with your existing independent financial advisor to ensure a joined up approach to your financial and estate planning.