Inheritance Tax Planning and Your Will – Can I Save Money?
Despite recent tax changes Inheritance Tax is still a real issue for many people and following changes introduced by the latest budget, there are still opportunities for significant savings to be made in planning for the future and protecting family assets later in life from what can prove to be considerable care costs.
However, it is remarkable how much tax people are paying unnecessarily in the absence of properly prepared Will and tax planning.
Our private client solicitors can help you with your estate tax planning wherever you live- both throughout Wiltshire, Hampshire and Dorset and nationwide from our offices in Salisbury, Fordingbridge, Andover and Amesbury.
Estate planning – 6 important points you should consider.
With Inheritance Tax no longer just for the rich, our specialist Solicitors strongly advise you to consider taking legal advice, and to start your estate planning as early as possible – and keep it under review as the tax situation changes. In particular our team use a variety of strategies including
- Transferring assets to your spouse so your estates are about equal
- Transferring away surplus assets either by gift or transfer into trust
- Consider making the proceeds of any Life Assurance policies or pensions you may have payable directly to your spouse and children to keep the value of the policy from falling into your estate for tax purposes
- Lasting Power of Attorney – Signing an LPA under which you give the right to a trusted person to deal with your affairs should you become incapacitated.
- Appointing a guardian – If your children are under 18 years old you should consider appointing a guardian for them under your Will.
- Living wills