Inheritance Tax planning
What steps can be taken to mitigate the IHT liability on your estate?
- For married couples, the first step is to ensure both of your nil rate bands are fully utilised. Most wills leave everything to each other and then to the children which means one of the nil rate bands has been thrown away. Through the use of trusts we can ensure both nil rate bands are utilised, which means on current figures, the first £600,000 of your estate will be free from IHT.
- For larger estates trusts can be used for gifting or setting up loans using, inheritance tax efficient investments can reduceor eliminate the IHT bill.
- We are also able to place assets outside of probate to ensure your children have readily available resources to pay any remaining IHT.
The Product Range
Details of some of our product range are shown below. Please email trusts@jfandp.com informing us of your name address and telephone number.
- Married Couples Arrangement, for married couples
- Single Persons Arrangement, for single people
- Deed of Variation, creates a Married Couple's Arrangement retrospectively
- Specialist Products, these can be discussed on an individual basis
- Wills, a simple and effective Will arrangement
- Single Persons Arrangement
- Effective for avoiding probate, future generations Inheritance Tax and potentially later life care means testing. This done by setting up a Discretionary Trust Arrangement for Inheritance Tax saving. Ensures your children's inheritance held within the trust is protected from any future divorce or bankruptcy proceedings they may become involved in.
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The FSA does not regulate will writing or some forms of tax planning.
James Fernley & Partners (Life & Pensions) is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register). FSA Registration No: 121092