The question that everyone needs an answer to is,
When I die, will I pay inheritance tax?
Each of us has a personal allowance (currently £325,000) under which we will not suffer Inheritance Tax – the so-called “nil-rate band”. However due to the growth in house values over recent years, most of us will now suffer Inheritance Tax on our estates.
Inheritance tax is paid on death at a rate of 40% on all assets above the nil-rate band. It is left to those who you leave behind to pick up the bill, which could easily amount to many tens of thousands of pounds.
We understand that planning for your estate is a delicate issue, with a wide range of people to consider and, not least, your own future to think about. That is why it is so important that you are confident that any arrangements truly reflect your needs, requirements and wishes. With so many choices to consider, you need to know that you can trust any arrangement that is recommended to you. Equally, by the time you’ve finished your planning, you will want to feel more in control of your affairs than you were at outset.
There are many plans available to help you mitigate inheritance tax. Contact Tyas & Company here in Crawley for a free initial consultation on tax planning and financial advice and find out if any of these are right for you.