Most people do not realise that they will likely have to pay inheritance tax when they die. They also would be surprised to learn that with relatively simple steps tax can be avoided so that it does not have to be paid upon death.
It is mainly due to people’s increased value in their property that means that they fall within the inheritance tax threshold.
We have enormous experience in dealing with people who would consider themselves to be of relatively modest income or assets and yet who need tax planning advice so as to avoid the need to pay a hefty tax bill upon death.
We also have a wealth of experience in dealing with the more well off clients with substantial assets and the possibility of a substantial tax bill upon death.
It really is something that should not be ignored because the level of tax that has to be paid is so high that it can literally decimate a loved one’s estate and involve the forced sale of for example the family home in order to pay inheritance tax.
It is often misunderstood and therefore many people are of the opinion that inheritance tax is a wealthy person’s tax. Whilst it is true that it affects the wealthy more significantly the less well off, it is also true that most people now have sufficient assets to fall into the threshold and therefore pay tax.
At Brearleys we believe in ensuring that you have the best possible advice. We give you the options and it is up to you as to whether you follow that advice. It is of course the case that if you want no advice regarding tax planning at all then we will not advise you however we would always prefer to give you the advice as regards what you should be considering and also clear indications as to what taking the advice would then cost. At the end of the day you work hard throughout your life to accumulate assets and to be able to leave your estate to your loved ones. With relatively simple steps this can be achieved. It is our view that it is a shame to ignore these steps and for the results to be that the government takes a substantial amount of your hard earned assets.
Contact us for more details either by telephoning any of our offices or by using the contact form on this website.
If you would like more information call us on (01484) 714400 or fill in the details below —