You’ve probably worked hard all your adult life to build a nest for your family If you’re even considering the issue of inheritance tax.
But before you can be sure your children and their offspring benefit from your years of toil, there’s a hurdle to cross in the shape of the taxman.
Sometimes called death duty, inheritance tax is perhaps the most important financial matter to think about – and it’s never too soon to start preparing.
Get it right and your descendants will enjoy the full fruits of your labour; get it wrong and the state could be swallowing up a huge proportion of your hard-earned assets.
So, what are the nuts and bolts of when considering financial advice on inheritance tax?
Firstly, it’s vital that you know what your estate will be worth.
Your estate is essentially everything you leave behind: your home, your bank accounts and investments and even your car all count, along with many other tangible and non-tangible assets.
But it’s not quite as simple as that.
The bad news is that you’ll be taxed on anything you give away within seven years of your death and there are all sorts of pitfalls that could catch you out.
The good news is that you can get around this problem by being organised, thinking ahead and seeking the right person to talk to about financial advice on inheritance tax.
Investing just a few hundred pounds in sound financial advice could save you tens of thousands.
When you consider that inheritance tax kicks in at £325,000, you can be sure that plenty of people who own their home and have savings will have to pay it.
With that in mind, you’ll doubtless want to know that you have done all you can to create a better future for your family.
The easiest way to achieve that peace of mind is by getting the right kind of financial advice on inheritance tax from a trustworthy source.
Doing so will ensure that just as you enjoy your retirement, your relatives will enjoy your legacy.
For more information you can go to: McGregor’s Corporate – Chartered, Accountants.