Graham and Aysha’s circumstances raise several important issues that should be discussed. Apart from the obvious step of writing their Wills, they should perhaps think about their inheritance tax planning to protect their assets as far as possible, as well as making lifetime gifts and creating a family trust that could avoid family disputes later.
Key Takeaways
- Planning for inheritance tax (IHT) is important to ensure your estate is distributed to your loved ones according to your wishes while minimising tax liabilities.
- Careful planning can significantly lessen the tax burden on your family.
- A solicitor with expertise in estate planning can advise on the best way to structure your estate to limit the tax liability and assist with all documentation that may be required.
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Tax laws and regulations are subject to change, which may impact how inheritance tax applies to your assets. Seeking professional advice can help you make the most of available tax-saving opportunities and ensure your estate is managed efficiently.
Our expert solicitors can provide tailored advice on IHT planning, helping you navigate any legal and tax considerations. If you have any questions or need guidance, please contact us.
