Inheritance Tax Planning

With tax currently charged at 40% on estates worth more than £325,000, rises in property values have brought even those with relatively modest homes into the Inheritance Tax (IHT) net. Estate planning to minimize the effect of Inheritance Tax on your estate by your executives is therefore an important part of tax planning for individuals and their families.

What Inheritance Tax planning services can we offer to our clients?

Working closely with our clients we develop future strategies. These need to be planned and implemented sensitively since IHT is only one of the considerations; often succession issues and family arrangements take priority. For a 65 year old the plan may be to insure the liability as they will have just retired and will not want to make gifts, but as clients get older the priority changes and the desire to make gifts into trust and still retain a right to a flexible income becomes a priority. In an ideal world all clients would die asset poor and income rich, which can be planned throughout a client's lifetime using gifts and modern techniques.

Implementing a strategy is likely to involve revising wills, and may utilise trusts if appropriate. There are also a number of tax products and tax efficient investments used to mitigate Inheritance Tax. We work closely with our clients' lawyers or introduce lawyers suited to clients and the nature of the work. We believe that our clients' interests are best served by the complementary expertise of both a lawyer and tax expert.

If you would like to talk to one of our experts about IHT planning, please contact:

email: jason@ocmwealthmanagement.co.uk