Inheritance Tax Planning

The good news is that there is no tax on assets passed between husband and wife. The bad news is that on the second death everything above the Nil-Rate band, currently £275,000, would be taxed at 40%.

£275,000 may sound a lot but, where there are death benefits from Pension plans and life cover, quite modest folk may find there is large potential tax bill lurking in the background. Alternatively the couple may inherit from their parents. Will they then have a "tax problem"?

Your adviser should do all he can to ensure those other assets are hived off to Trusts - available to the beneficiaries for current expenditure but safe from both the Tax Man and incidentally from Social Services.

For the seriously well off sophisticated plans are embedded in the Wills.

That may reduce a potential bill of tens if not hundreds of thousands of pounds to zero.

In a nutshell, the objective is to do everything possible to ensure that you may sail round the world drinking Champagne while owning nothing at all for tax purposes.

And yes that is possible.

Getting in touch with County Wills (Northampton) Ltd won't cost you anything-

Call 01604 455073, or fill in the enquiry form. Alternatively you can email wills@wills.uk.net