With Good Estate Planning, we can help to migrate significant 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 without 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 from future threats and claims and, at the same time, will reduce probate costs.
This trust is designed so that all your assets are available for use by your nominated beneficiaries to protect you against children involved in a divorce, irresponsible children, sideways disinheritance, and potential care cost.