What is IHT?

Inheritance Tax is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone’s lifetime. Most estates don’t have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2010-11).

Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies - to as much as £650,000 in 2010-11. Their executors or personal representatives must transfer the first spouse or civil partner’s unused Inheritance Tax threshold or ‘nil rate band’ to the second spouse or civil partner when they die.

How can Legacy Wills and Trusts Ltd help?

Here at Legacy Wills and Trusts Ltd we use tried and tested planning techniques to reduce or eliminate any IHT future liability you may have. This could save you thousands of pounds! We also build in and take into consideration Generational IHT. This is highlighted if your inheritance is passed absolutely to a beneficiary. The inheritance passed down may have already been subject to tax but maybe subject to tax again on the beneficiaries estate. In other words your family can get charged tax over and over again as it passes through the generations! We can help!

Contact us now for a no obligation discussion.