Inheritance tax is a grim subject, but tax planning is key
The inheritance tax is not much fun to discuss, but it is often the case that taking a few simple steps is all that is required to make sure that inheritance is kept to a minimum (and in many cases zero).
It’s not usually necessary to put complicated trusts in place. But it is a good idea to think about it whilst you still have a few miles left on the clock, since the majority of the exemptions are time based. Our tax consultants will be able to talk you through the key points and you can get a rough idea from our inheritance tax calculator.
And whilst we are on the subject, if you haven’t already done so, our legal team can help you put a Will in place. Making sure you have a Will is particularly important for company shareholders, as a court determination on ownership (and assets frozen during the probate process) can be crippling to the ongoing operations of a business.