A major part of our lifetime planning is reviewing an individuals Inheritance Tax position.
Inheritance tax is the tax on the worth of an individual’s estate when they die. The estate is made up of cash, investments, business interests, chattels to name a few. An individual pays Inheritance tax over the exemption at 40%.
Marries couples or civil partners can utilise unused allowances from their deceased partners. Debt and charges can reduce the chargeable estate.
Business interests can attract reliefs to avoid being added into this chargeable calculation.
It is a complex area that requires early attention and review.
We at Spirare review our clients worth, their Wills, their personal circumstances and their needs to ensure their planning meets their objectives.
We work with other professionals to ensure that key matters and planning are reviewed to avoid unwanted surprises.
Every client is different and so are their needs and views on the tax and what estate worth they potentially will need in their lifetime.