Your home could be your most valuable asset.  You are likely to have spent most of your working life to pay for it!  So it's easy to understand why people get upset about the thought of the State taxing our estates so heavily.

Did you realise that wise financial planning can be instrumental in enabling you to pass on much of your estate by mitigating the Tax?

Many parents want to help their children and their grandchildren get onto the property ladder.  Using their own property could be a solution which has several benefits.

You may well have heard the phrase “asset rich, cash poor” often used to describe someone who lives in a substantial property but struggling on low income. With the way house prices have gone in recent years it is not uncommon to find people living in houses worth above the current “nil rate band” of £312,000 but living on basic State Old Age Pension. Schemes may be available to ease the situation potentially enabling them to enjoy a much better lifestyle and reduce any potential Inheritance Tax liability.

Alistair Darling made it simpler for couples (& civil partners) to use both of their nil rate bands.  So effectively couples have a joint allowance of £624,000.  However, where larger estates are involved or where second marriages have occurred it may be appropriate for us and your solicitor to involve your property whereby the property and or other assets are placed in trust arrangements. This may be particularly relevant if there are any offspring from the previous relationships that you want to be beneficiaries.

If all this sounds a bit daunting or you want to know more, why not attend one of Ashwood Law's Free Inheritance Tax Seminars?

If you don't have a Solicitor Ashwood Law have connections with firms that specialise in this area.  Why not contact Ashwood Law now.