Keep the taxman at bay
The taxman will still be here after you've gone. By making a
few plans now, you can ensure that more of your wealth goes where you want it,
not into his pockets.
Here's an idea of what you should be thinking about, depending
where you're at in life.
1. Unmarried
Make a will and make your wishes legal. If you're single, who's
going to get your estate? Maybe you'd like to benefit a particular friend,
relative, or favourite charity. Without a will, it may not happen as you would
have wished.
2. Living as partners
Unmarried people (and same-sex couples not in a civil
partnership) don't benefit the same way as spouses and civil partners. Your
estate, including a shared home, won't automatically go to your partner without
a potential tax bill. It's doubly important for you to make a will and to think
about IHT.
3. Married and civil partners
Gifts between spouses and civil partners are usually exempt from IHT.
However you may still end up paying IHT on your combined wealth. There are things that
you can do to pass on and protect wealth in a flexible and tax efficient way, minimising
any IHT which you may have to pay.
4. Golden years
If you've built up substantial savings, you may not want to
give them to your family right now, but you certainly don't want the taxman to
have them later. As well as ensuring your wills are tax efficient, think about
putting some of your savings in a trust. It could help reduce the IHT bill on
your estate.
5. Recently bereaved
You've lost someone close to you, and the estate needs to be
sorted out. Maybe there's no will, or the executor can't or doesn't want to
act. We may well have the answer for you. We'll need to know something about
you, and the estate that needs to be administered. If we can help, we will. We
may even be able to help lower a tax bill if we can act quickly enough.
* Lines are open Monday to Friday, 9am – 5pm.
Calls may be monitored or recorded.
|
