Better to plan for inheritance tax than stumble into it by accident.
Something many people don’t realise is that on their death their estate will owe tax at 40% on anything above the inheritance tax (IHT) threshold of £325,000.
That’s more or less the value of the average house, so many people will be surprised to find themselves dragged into its net.
Alas, too many people ignore the issue, perhaps not wanting to consider the inevitability of their own demise.
Family members, meanwhile, will avoid raising the subject, having an understandable fear of showing an unseemly interest in what may become their inheritance.
Both these ways of thinking, though very common, are entirely mistaken.
Dealing with IHT in a timely manner is one of the simplest and most effective ways you can secure a better future outcome for the loved ones you’ll be leaving behind.
This is not the place to go into any depth of this complex matter.
However, at BHP we have an experienced team with a diverse range of skills from specialists in accountancy, tax and also legal experts. We are able to draw on these and put together a bespoke, more thorough plan of action to suit your individual requirements.
A no-obligation conversation with one of our team will be time extremely well spent.
If you have assets that you plan to leave behind, then paying for good professional legal, financial and tax advice, is almost certainly guaranteed to be worthwhile in terms of money saved.