A will is essential planning for the future but it is also equally important to ensure that a will is tax efficient when passing assets on to your family. There are various ways in which individuals can minimise inheritance tax both during their lifetime and also via their wills. Trusts can be useful structures providing for loved ones whilst at the same time tackling inheritance tax, income tax and capital gains tax.
Trusts have traditionally been the basis of estate and inheritance tax planning offering individuals and families the opportunity to pass assets down through the generations in a tax efficient manner. In recent years there have been significant changes to the taxation of trusts meaning that the use of trusts is becoming unfashionable.
That said, trusts continue to be valuable estate planning tools for individuals and families if used correctly. Effective estate planning can substantially reduce the amount of tax payable on a person’s estate. It is worth investigating how family trusts and other inheritance tax planning options could benefit you and your family.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.