If you’re worried about the potential inheritance tax that could be paid on your estate upon death, our inheritance tax specialists can help. At Edward Asset Management, our experienced inheritance tax planning advisors in Liverpool provide expert advice and guidance to help you prepare a plan that can reduce your tax burden and protect your wealth.
Our inheritance tax planning advice covers all aspects of estate planning, including calculating the inheritance tax that may be owed on your assets. We understand that passing on your wealth can be a complex and emotional process, which is why we take the time to explain all of your options and ensure you fully understand the implications of each one.
Our inheritance tax planning advisors are based in Liverpool, but we serve clients throughout Merseyside, Manchester, Southport, Maghull, Wirral, Warrington, Widnes, Chester, and Macclesfield, as well as other areas in the north of England. Contact us today to learn how we can help you protect your wealth and plan for the future with our expert inheritance tax planning advice.
Something you should be aware of is the Nil Rate Threshold. This is the rate set by the government under which you do not have to pay any tax on inheritance.
It is crucial to seek guidance from an inheritance tax specialist and plan ahead for inheritance tax. With effective inheritance tax planning advice, estates can potentially save significant amounts of tax if ample time is given to do so. There are various allowances and exemptions that can be utilized, such as gifting assets, setting up trusts, and utilizing life cover to ensure that any unattainable amount is covered. Failure to have proper inheritance tax advice in place can result in only 60% of an estate being passed on to loved ones, with the remaining 40% going to the government in taxes. Therefore, seeking the advice of inheritance tax planning advisors can ensure that individuals are aware of all available options to them. They can help create a tailored plan to minimize the inheritance tax liability and ensure that loved ones receive as much of the estate as possible. With proper inheritance tax planning, individuals can leave behind a legacy that benefits their heirs and not just the tax authorities.
Considerations to do with Inheritance Tax Planning Advice that we will undertake with you are:
To get in touch with our inheritance tax advisor near you, call us on 0151 527 1664 or email us at info@eamllp.co.uk. Our team is dedicated to providing personalized and tailored solutions to meet your specific needs, so you can have peace of mind that your assets are protected and your legacy is secured.
Inheritance tax is a tax levied on the estate of a deceased person. All of your possessions are included in your estate. Savings, investments, real estate, life insurance proceeds, and personal property all fall under this category. The total value of your assets is reduced by the sum of your liabilities and debts. When you pass away, the worth of all of your assets is totaled up and then any value that exceeds the Nil Rate limit (the amount, set by the government, which you can pass on tax free) will be liable to tax. Get inheritance tax planning advice from our specialist consultants so that you fully understand your options when transferring your fortune.
Making a plan for inheritance tax is something that you should do as early as possible, especially if you wish specific parts of your estate to be passed on to loved ones. It will depend on the extent of your tax liabilities and what you wish to pass on as to what options you have relating to inheritance tax, so it is worth talking to an expert to understand the best way to pass on your estate in a tax efficient way. Therefore, it is highly recommended that you speak to an inheritance tax planning adviser for inheritance tax planning advice.
When you pass away, your estate (your investments, assets, money, and property) is subject to an inheritance tax of 40%, or in some cases more. Typically, if your estate is worth more than £325,000, you simply have to pay it. You can take certain actions to get ready for inheritance tax and to make sure that more of your assets go to your loved ones if your estate is expected to be larger than the set limit. Make sure you seek inheritance tax planning advice to make the best financial decisions for yourself.
Passing on your main residence to your children can be done and it will depend on how you do this as to whether you will incur inheritance tax. If your property is passed on after death, then additional resident nil rate band allowances increases the tax free amount of inheritance that specifically relates to property.
If you give away your home while you’re still alive, it will be exempt from inheritance tax if you live for seven years after the gift. However, if you die within seven years of making the gift, the property will be subject to inheritance tax, although the amount payable will be reduced depending on the number of years that have passed.
However, there are also some other pitfalls for which you need to get inheritance tax planning advice.
In the UK, estates (the assets left behind) worth more than £325,000 are currently subject to inheritance tax. However, it is also worth noting that if you are married then both you and your spouse have a tax free allowance that can be taken into account when calculating inheritance tax.
Typically, the rate of inheritance tax is 40%, however if you also make charitable gifts this can be reduced. For more inheritance tax planning advice, reach out to Edward Asset Management experts.
In the UK, the executor of an estate is responsible for paying Inheritance Tax, if it is due. If there is no executor, the administrator of the estate is responsible. If the deceased had a will, the executor named in the will typically takes on this role. If there is no will, the administrator is appointed by the court.
Tax is payable from the estate assets, which can sometimes create issues if the estate has a high taxable value but the value is all held in assets or property, as this may mean the property needs to be sold in order to raise the money for the tax that is liable. This can be a painful process, especially if the intention was to pass on the family home to children but there is no other way to pay the tax liability.
This is why getting inheritance tax advice is really important as early as possible, in order to plan for all eventualities.
Yes, there are certain ways to reduce your Inheritance Tax bill. Some of the most common include:
It is recommended to seek inheritance tax planning advice to determine the best approach for your individual circumstances.
Inheritance tax needs to be paid after the completion of the sixth month after a person’s death. If one fails to pay the inheritance tax, HMRC will begin charging interest. The executors have the option of paying the tax on some assets, such as real estate, in ten installments. However, interest will still be assessed on any unpaid taxes.
Clients have come to rely on Edward Asset Management as a trustworthy advisor. By utilizing all of our experience, we have provided clients with financial planning and inheritance tax advice that has helped them manage their money throughout the course of their lives. Following our approach allows us to take into account your needs, and take care of your financial decisions.
We offer a full range of financial advisory services in Liverpool, the wider Merseyside area, Manchester, Southport, Maghull, Wirral, Warrington, Widnes, Chester and the north of England to help you manage your wealth.
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We would be delighted to help you start on your financial planning journey. Why not get in touch with us and arrange an initial chat?
If you wish to speak our one of our Independent Financial Advisers in the Liverpool and surrounding areas, we would be delighted to help you start on your financial planning journey. Why not get in touch with us and arrange an initial chat?
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