Avoiding Inheritance Tax The Legal Way
Inheritance Tax (IHT) is now affecting a rapidly increasing number of people, many who would opt for their hard-earned assets to pass to their descendants when they come to the end of their life. But much of their assets or estate, including the house, bank accounts, insurance policies not in trust or even family heirlooms, could have to be sold in order to meet the inheritance tax liability on death if proper steps have not been conducted to protect their wealth.
But it is still legally possible to ensure that as much of ones estate as can be stays out of Her Majesty’s Revenue & Custom’s (HMRC) clutches and that can be done using specialist, professional advice. Correct inheritance tax planning involves passing as much of the proceeds of an estate as can be to the beneficiaries instead of the HMRC. It also involves maintaining the ability to be flexible and control over any arrangements that are made.
The most easy way to minimise inheritance tax (IHT) is to make gifts during your lifetime.
Every tax year you can give away
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