Inheritance Tax is often described as a ‘voluntary tax’ as you can often mitigate against any potential inheritance tax by good financial planning.
When you have worked hard to generate wealth over your life-time you may wish to minimise the amount of inheritance tax your estate may be liable to pay. This can be done by utilising the available inheritance tax allowances in order to maximise what you can pass down to your children and their families.
Since no-one knows exactly when they are going to die, successful IHT planning, helps you to mitigate any potential inheritance tax liabilities, whilst still ensuring that you have enough capital and income for your own purposes.
It is unwise to give away, or tie up too much of one’s capital in gifts or Trusts as it is important to ensure that your own finances are kept flexible enough to allow you and your Spouse to maintain your own desired level of lifestyle.
We are there to guide you on all the options available and advise on a good balance which allows you to maintain your life-style and provide for a Spouse or partner whilst reducing the amount of IHT that you may ultimately have to pay.