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Financial documents with a calculator and credit cards on top.

Is your inheritance going to your loved ones or the government?

Sadly, the government states that your assets should be taxed when they are passed on to your beneficiaries, this inheritance tax is fixed at 40%. Although it is illegal to avoid this, good inheritance tax planning can go a long way to ensuring that your assets work hard for your beneficiaries just as you have worked hard to save for them.

Whether you stand to receive or are planning to leave an inheritance, planning is vital as inheritance tax is set at the current high rate of 40% for everyone. This is why it is important to ensure that your finances are in order and set up in a way where your inheritance can work with you and not against you.

With good planning we can help you combat high inheritance tax rates

With proper inheritance tax planning, significant savings that go into the tens of thousands can be passed on to your beneficiaries instead of the government.

Thompson Prior can help you with:

  • Equalising your estate
  • Splitting joint tenancies on properties
  • The use of trusts and will trusts - these are the most suitable for inheritance tax mitigation
  • How to maximise individual inheritance tax exemptions
  • How to plan for nursing home fees, these are inheritance tax deductible

The Financial Conduct Authority does not regulate taxation, tax advice and will writing. Levels, bases of reliefs from taxation may be subject to change.

An elderly lady discussing inheritance tax with her financial advisor.
Someone signing their last will and testament.

Which of your assets are liable for inheritance taxation?

If you are leaving or the beneficiary of any of the below types of asset, a tax will be levied

  • Your investments and savings.
  • Your home and car.
  • Your furniture and personal effects.
  • The proceeds of your life insurance, unless it is written in trust.
Financial receipts next to a calculator and a cup of tea.

Planning for inheritance tax is crucial if you want your assets to go to your loved ones and not the government. Call today for a professional and friendly discussion 01746 716767