Each year, more families are drawn into the Inheritance Tax net. If you don’t look at Estate Planning in Lichfield with a qualified local Financial Adviser your estate could be left with a tax bill when you die.
Taking professional advice will help you understand the likely Inheritance Tax liability of your estate and enable you to put plans in place that will reduce the amount of tax due, or mean that your estate may possibly not pay any Inheritance Tax at all.
The threshold for IHT is £325,000. So, if the value of your estate is less than this there will be no Inheritance Tax to pay. Any amount over this is subject to IHT at 40%. For estate planning in Lichfield you need to think about the total value of your assets including your house and, being a local firm, we know Lichfield is a very popular place to live, and has house prices that reflect this. Your estate will also include all of your other assets including your savings and investments, which may take the value of your estate well over the tax threshold.
For estate planning in Lichfield, our Financial Advisers who provide local financial advice, will talk to you about allowances, spouse and civil partner exemptions and available reliefs which mean that the actual amount payable by your estate could be less.
You can seek professional financial advice local to Lichfield on estate planning, including things like lifetime gifts and setting up trusts to lessen the impact of the tax. It is also worth pointing out that you can make a gift of up to £3,000 per donor per tax year. For Inheritance Tax purposes this is a tax-exempt allowance. This is something to think about when you are contemplating your estate planning in Lichfield or if you live in the surrounding areas near to our office.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
The FCA do not regulate Inheritance Tax planning.
When you work with Four Oaks Financial Services on estate planning in Lichfield your first meeting with one of our Financial Advisers is at our cost and without obligation. Please contact us to discuss your requirements.