Can You Really Pay Less Inheritance Tax?
If you, a relative or friend, are anxious about having to inheritance tax, then you might want to know more about it, and see if there are any ways of reducing the amount of inheritance tax you'll have to pay.
Here are 10 ways to pay less inheritance tax.
1.
A will should be written in order to inform family and other loved ones of the intentions after death.
Without a will, the estate won't necessarily go to the next of kin.
2.
It's important to decide who the heirs are, and that it is clear who will receive parts of the estate.
If there is a will and it isn't clear who gets what, or that there are some surprises in it, then it may be contested.
3.
It might be worth suggesting that the estate is transferred into trust funds or insurance policies abroad, so that there is no UK tax to pay.
4.
Another suggestion is to think about investing the money, with the hope that the returns on the investment will cover the inheritance tax bill.
5.
Perhaps a better option would be to spend the estate on loved ones now, whilst everyone can enjoy it.
6.
If there are children or grandchildren, then money could be put into trust funds for the children or grandchildren now.
7.
It might be that there is a large or valuable house that would need to be sold in the event of death.
Why not consider downsizing to a much smaller, and perhaps more suitable home? The money saved could be given to loved ones now.
Perhaps you'll want to thing about taking out a mortgage or considering equity release, so that the property is worth less? 8.
Being married or having a civil partnership can be beneficial, as named partners won't pay inheritance tax.
If you're thinking about making the commitment, why not do it now? 9.
It's possible to be tenants in common if you don't want to get married.
This means that you and your partner will own a 50-50 share in the property, and so the value of the share of the home is much less, and so less inheritance tax will be paid.
10.
The most important thing is to take the advice of an inheritance tax solicitor, so that you know what your best options are.
They will have the experience and knowledge required to give you the information you need so that you can decide what to do.
It might be that what's best for one person isn't right for the next person, and you don't want to make things unnecessarily complicated.
Now you know more about inheritance tax, and how to pay less, do you need to speak to an inheritance tax solicitor?
Here are 10 ways to pay less inheritance tax.
1.
A will should be written in order to inform family and other loved ones of the intentions after death.
Without a will, the estate won't necessarily go to the next of kin.
2.
It's important to decide who the heirs are, and that it is clear who will receive parts of the estate.
If there is a will and it isn't clear who gets what, or that there are some surprises in it, then it may be contested.
3.
It might be worth suggesting that the estate is transferred into trust funds or insurance policies abroad, so that there is no UK tax to pay.
4.
Another suggestion is to think about investing the money, with the hope that the returns on the investment will cover the inheritance tax bill.
5.
Perhaps a better option would be to spend the estate on loved ones now, whilst everyone can enjoy it.
6.
If there are children or grandchildren, then money could be put into trust funds for the children or grandchildren now.
7.
It might be that there is a large or valuable house that would need to be sold in the event of death.
Why not consider downsizing to a much smaller, and perhaps more suitable home? The money saved could be given to loved ones now.
Perhaps you'll want to thing about taking out a mortgage or considering equity release, so that the property is worth less? 8.
Being married or having a civil partnership can be beneficial, as named partners won't pay inheritance tax.
If you're thinking about making the commitment, why not do it now? 9.
It's possible to be tenants in common if you don't want to get married.
This means that you and your partner will own a 50-50 share in the property, and so the value of the share of the home is much less, and so less inheritance tax will be paid.
10.
The most important thing is to take the advice of an inheritance tax solicitor, so that you know what your best options are.
They will have the experience and knowledge required to give you the information you need so that you can decide what to do.
It might be that what's best for one person isn't right for the next person, and you don't want to make things unnecessarily complicated.
Now you know more about inheritance tax, and how to pay less, do you need to speak to an inheritance tax solicitor?
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