With Good Estate Planning we can help to migrate large inheritance tax liabilities when you pass away. The current nil rate band is set at £325,000 which is the amount that can be gifted with out paying inheritance tax, this also includes the assets that have been passed under your will.
Gifts between spouses are exempt from inheritance tax but if you are unmarried or single you could then incur issues particularly with the high increase with properties.
We recommend that couples with large estates are to seek professional advice.
Should you have a Life Policy in place, ensure that it has been placed in a trust!
Asset Protection Trusts are designed to protect your assets for future threats and claims and at the same time will reduce the probate costs.
This being a flexible trust where you are the trustee which enables you to move assets in and out of the trust.
This trust is designed so that all your assets are available for use by your nominated beneficiaries which will protect you against children involved in divorce, irresponsible children, sideways disinheritance and potential care cost.