Inheritance Tax
Inheritance Tax is charged on the value of your estate. For many the family home is the major asset and with no Inheritance Relief due IHT is a real threat.
Many of our clients take active steps to plan against their potential IHT liability, realising that the problem may get greater if not dealt with sooner.
At McDade Roberts we can devise strategies which align your current needs to help make sure your estate goes to the right people and the tax bill is kept to a minimum. This may mean capping the potential liability, reducing it or merely providing for it.
One cannot plan for IHT without due consideration and you should therefore ensure that you have a Will and that it is kept up-to-date.
If your family and your assets are important to you, you must make a Will.
Why?
Without a Will your assets may be frozen whilst the Government appoint executors – usually solicitors or banks – people you don’t know – think of the emotional stress on your family.
Without a Will people could benefit from your Estate who you would prefer not to.
Without a Will you may pay more tax than is necessary.
Without a Will your Partner, if you are not married, or your stepchildren, have no claim on your Estate.
As tax planning is a key ingredient of an effective will, we work closely with solicitors to ensure that the Will is effective from both a legal and tax perspective.