Inheritance Tax is the tax on the worth of an individual’s estate when they die. The estate is made of cash, investments, property, business interests, chattels to name a few. An individual pays Inheritance Tax over the exemption at 40%.
Married couples or civil partners can utilise unused allowances from their partners and debt and charges can reduce ones estate.
It is a complex area but early planning of your circumstances is important. We also review these circumstances and individual wishes every few years.
At Spirare we look to review your total worth, review your Wills and work with you to ensure your life-time planning works for you. Everyone is different and knowing your client and their needs drives our planning.