It is not just for “retired” people, although people do tend to think about it more as they get older. Unfortunately, we can’t successfully predict how long we will live, and illness and accidents happen to people of all ages.
Estate planning is not just for “the wealthy,” either, although people who have built some wealth do often think more about how to preserve it. Good estate planning often means more to families with modest assets, because they can afford to lose the least.
Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think it. Then, when something happens to them, their families have to pick up the pieces.
We can help you plan your estate’s inheritance tax so your loved ones can make the most of your assets, wealth, and property.
Sophisticated planning and expert legal advice are essential to make sure your estate is inheritance tax (IHT) efficient – particularly if you own businesses or foreign assets.
We can advise you on how to take advantage of the complex web of IHT reliefs and exemptions and maximise the inheritance you pass on to the next generation.
Inheritance tax is a dynamic area of law where change is constant and ideas develop fast. Having a plan in place isn’t enough – you’ve got to make sure it’s up-to-date.
In August 2018 the HMRC published the latest figures on Inheritance tax receipts as follows:
- IHT receipts totalled £5.2bn in 2017-18; this is an increase of 8% (£388m) compared to 2016-17 and has been increasing since 2010-11. There was a 22% increase in receipts from 2014-15 to 2015-16, which reflects an estimated 43,900 excess winter deaths in 2014-15.
- Net capital value of estates, since 2009-10, has increased by £17bn to £79bn in 2015-16, around 54% of this increase is in residential property.
- The total number of liable estates has increased every year since 2009-10. In 2015-16 there were 24,500 liable estates, an increase of 1,300 since 2014-15.
* Source HMRC Inheritance Tax Statistics August 2018
Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.