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Inheritance tax dos and don’ts

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Time to talk inheritance tax – my top DOs and DON’Ts to plan for the future

No one likes to talk about death, so it’s understandable that inheritance tax – while important – can easily be put off until the last minute.

As uncomfortable as the subject can be, discussing what comes next after a loved one passes is a good idea. Not only can it help emotionally prepare family members for the passing of a loved one, but it can also aid future financial decisions.

Inheritance tax is a broad and complex subject. It’s tricky to navigate, which is why it’s always a good idea to get expert advice.

For example, gifting your children £100k in cash can seem a clever way to avoid inheritance tax and provide for their future, but the seven-year rule could leave them facing an unexpected tax bill.

Here are some of my inheritance tax DOs and DON’Ts:

  • DON’T leave finances until the last minute – by sorting out financial affairs well in advance, you can ensure your loved ones aren’t left facing a huge tax bill and make what you leave behind more tax efficient.
  • DON’T ignore the risks – whatever financial decisions you make regarding your estate and assets will have potential risks and pitfalls. Be sure to understand them fully before going ahead with your plan.
  • DO get your affairs in order – having all the correct paperwork and info in one place makes the process less stressful for loved ones. First and foremost, make sure you have an up-to-date will. That way, your assets can be distributed as you wish, and inheritance tax can be avoided if leaving assets to spouses or partners.
  • DO talk to a financial advisor or accountant – end-of-life financial planning is complex. Even common inheritance tax reduction tactics such as leaving your house to your children isn’t as straightforward as you may think. Getting expert advice is key.


Unsure about how to make inheritance tax work for you?

Want to learn more about how to plan for the future?

Drop me a line and let’s have a chat – we can set you off in the right direction!

All financial advice is subjective to individual situations – please discuss your plans with a finance professional before putting them into effect to make sure they’re right for you.

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