Funeral Plans, Will Writing, Asset Protection based in Wolverhampton.
We all have a tax free allowance we can leave to whoever we choose when we die, however, it’s a startling fact that if your assets on death add up to more than the tax free allowance of £325,000 then inheritance tax will be payable on the excess at a huge 40%.
Tax Free Allowance
With the price of houses it’s easy to see how you can have more wealth than you think if you add up the its value, your bank accounts, investments and not only that but also any life assurance policies. We all have a tax free allowance we can leave to whoever we choose when we die.
We can help you assess your liability to inheritance tax on death, and advise on certain tax efficient strategies to reduce or even eliminate your exposure to it. Remember though, it’s important to appreciate that to evade paying any tax is illegal, but to avoid paying tax using perfectly legal tried and trusted strategies can mean your beneficiaries, such as your spouse or partner, and perhaps more importantly your children, will inherit more of your estate instead of the State.