If the worst should happen, are you financially prepared? Leaving an inheritance could mean your loved ones have to pay tax. Some inheritors are exempt from Inheritance Tax (IHT), however others are not. Proper IHT planning could help save your family hundreds of thousands of pounds. The Government charges tax on your estate, 40% is on assets within your estate that exceed the nil-rate band threshold (currently at £325,000) and is payable on assets that are passed on when you die. Seeking professional financial advice could help you to manage your plans for inheritance.
