Estate Planning:
Historically, Inheritance Tax has been the problem of the “super-rich” and not of any great concern to most of us.
However, over recent years, there has been a dramatic increase in personal wealth, much of which can be attributed to the sustained increase in property values.
Whilst it is comforting to know that our investments have increased in value, more and more people are finding that their assets now fall within the range of Inheritance Tax.
Inheritance Tax (IHT) is a tax upon the value of your estate (everything that you own) at the time of your death but is also paid on certain gifts during lifetime.
There is a “band” of wealth, known as the nil rate band, below which the tax is not paid. Currently, everything above that level (£300,000 in 2007/08) is liable for tax at 40% upon death. The NRB is reviewed on an annul basis within the Chancellor’s budget.
Monopoly Financial Consultants Ltd can help you to understand how IHT will impact upon your estate. Once you understand the extent of the problem, Monopoly Financial Consultants will help you to plan to mitigate IHT.
With careful planning, it is possible to save £000’s which can be passed on to your beneficiaries, perhaps securing the wealth that you have strived to build, for future generations, and more importantly, we can help you do it!
If you would like to discuss IHT planning, contact us
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