Be prepared before it's too late
Unfortunately, death is something that happens to all of us. It's incredibly difficult to deal with for family members. When you do pass away, you want to make sure as much of what you earned in life as possible goes to your loved ones.
Depending on the size of your estate, a large chunk of this could be taken as part of inheritance tax. For this reason, it's imperative you prepare for inheritance tax before it's too late. Otherwise your family may be left without everything you feel they're entitled to.
What is INheritance Tax?
There is a nil-rate band of inheritance tax (IHT) of £325,000 per person. This means that if the total sum of your estate is below £325,000, no inheritance tax will need to be paid. Anything in excess of this amount will be subject to the current IHT rate of 40%. So, if your estate is for example, £1,000 over, only the extra £1,000 will be taxed as such.
For those with larger estates, this high rate of tax becomes problematic. At MoynanSmith accountants in Carlisle, we're perfectly positioned to help. We are chartered tax advisers, and so have excellent working knowledge of all tax legislation. So, we will provide you with advice on inheritance tax and inform you of any changes to inheritance tax. With our help you'll be able to strategically split up your estate before death. This means you'll avoid having to pay more than you need to, and your loved ones will be left better off.
Worried your family won't get everything they deserve when you're gone? Or even just want to make sure you've got everything in place to see them right? Get in touch with MoynanSmith today and we'll help make sure your loved ones get everything you want them to.
Hear from us first-hand how we can help cut down IHT, give us a call on 01228 586790 to book a FREE meeting.