Inheritance tax planning is one of the most important aspects of setting up a will and planning your estate. If not carefully considered an unnecessarily large proportion of your legacy may end up being absorbed by inheritance tax.
Careful inheritance tax preparation can ensure that everything in your will can be passed on to the beneficiaries of your choosing without losing too much through inheritance tax.
Different countries have different laws, which means people who have assets in more than one country need to set up plans so that they are covered fully and understand which laws will apply to them.
The UK currently has a freeze on inheritance tax at the rate of £325 000 (double for married couples). This will remain in place until 2019. The freeze will push many more people into the inheritance tax threshold because their assets will grow in value, while the inheritance threshold will not move in line with inflation. For example if you currently have assets of around £300 000, you will almost certainly become liable for taxation, as your assets will grow over the threshold over the next six years. If you are an expat or UK non-domicilied, depending upon your circumstances there may be ways this can be reduced or eliminated.
We have over 40 years experience protecting legacies, and with hundreds of consultants around the world, we are easily able to advise the best course of action to take regardless of your country of residence.