Introduction:
Dealing with inheritance tax (IHT) can be stressful when a loved one passes away. At ASK Accountants, our estate planning experts can help minimize your IHT exposure through comprehensive planning tailored to your specific situation.
What is Inheritance Tax?
Inheritance tax is a tax levied on the estate of a deceased person. It applies when the value of the estate exceeds the nil-rate band of £325,000. Any excess above this threshold is taxed at 40%. Proper IHT planning is crucial to avoid leaving your loved ones with a large unexpected tax bill.
How We Help Minimize Your Inheritance Tax
ASK Accountants offers personalized IHT solutions, including:
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IHT exposure calculations -
We calculate your potential IHT liability and advice on steps to reduce it.
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Wills and trust planning -
- We help craft an optimal wills and trusts strategy to legitimately avoid IHT.
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Lifetime gifts -
- We advise making exempt lifetime gifts to reduce the value of your taxable estate.
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Using allowances and exemptions -
- We ensure you fully utilize your nil-rate band, residence nil-rate band, annual exemptions, etc.
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Estate asset structuring -
- We help structure your assets to minimize tax on your estate.
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Charitable giving strategies -
- We look at philanthropic giving options to reduce your IHT liability ethically.
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Charitable giving strategies -
- We look at philanthropic giving options to reduce your IHT liability ethically.
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Reviewing life insurance needs -
- We review your life coverage to provide liquidity for IHT liabilities if needed.
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Ongoing reviews and updates -
- We periodically review your situation and update your estate plan as needed.
Take Control of Your Inheritance Tax
Don’t leave your family with a large, unnecessary IHT bill. The advisors at ASK Accountants stay up-to-date on the latest IHT rules and regulations. Contact us today to discuss your situation in confidence.
