Many inheritances are ‘lost’ due to lack of planning by those leaving them.
Leaving an inheritance directly to a child may not always be the best solution, with increasing divorce rates there is always a possibility that money will be lost to your departing spouse.
Secondly there may be a threat of legal action against the recipient of the inheritance, as in todays society the chance of being sued has greatly increased.
Similarly the chance of the recipient having financial difficulty may be higher and creditors may claim against inheritance to recover money.
The final lost could be more indirect, if a recipient is in receipt of means tested benefits these may be lost if an inheritance is received.
£6000 will affect any benefits and an inheritance of over £16000 will mean no benefits can be claimed.
For more information please ring us on 0800 043 2811
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Inheritance tax planning is essential for anyone looking to safeguard their estate for future generations. Seeking inheritance tax advice can help individuals understand how to utilize legal strategies and exemptions effectively. By employing methods like trusts and gifts, individuals can minimize their tax liability and ensure more of their assets go to their loved ones rather than to taxes. It's a proactive approach that not only preserves wealth but also provides peace of mind knowing your legacy is protected. Keep sharing!!
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