If you are concerned that there may be inheritance tax (IHT) to pay on your estate after you pass away, then you may want to start planning now to ensure that your family is left well provided for once you are gone. One method of reducing the burden of IHT is to make use of inheritance tax trusts – that is, to set up funds for your loved ones to both provide them with a source of money and to remove that money from the taxable assets of your estate, protecting it from the 40% levy on assets in excess of the £312,000 nil rate band.
Inheritance tax trusts can be complex and HM Revenue & Customs have tightened up on which trusts are actually exempt from IHT; however inheritance tax trusts can offer significant benefits. Importantly, you can control to whom the trust assets pass.
For help with wills, inheritance tax trusts and other inheritance financial matters, get in contact with professional UK financial consultants by filling out the enquiry form provided on this site. We'll put you in touch with qualified experts who are offering a free, no-obligation first consultation.