Inheritance Tax (IHT) is a financial concern that can cast a shadow on the legacy you leave behind. However, with careful planning, you can minimise its impact and ensure your wealth endures for future generations.

In this blog, we will delve into the intricacies of IHT planning and unveil how Bury Financial Advisers can be your guiding light in safeguarding your assets.

Understanding Inheritance Tax: Let's start with the basics. Inheritance Tax, as it stands in 2023/2024, exempts the first £325,000 of an individual's estate from taxation. For married couples and registered civil partners, this threshold doubles to £650,000 when the entire allowance is passed to the surviving spouse or partner. Anything surpassing these thresholds is subject to a substantial 40% tax upon death.

The Role of a Well-Crafted Will: A well-crafted will is your first line of defence against the IHT burden. It's crucial to have your will written and planned correctly to maximise tax savings. A carefully structured will can make the most of available exemptions and allowances, ensuring your loved ones inherit as much as possible.

Lifetime Gifting Strategies: Another effective strategy in IHT planning is lifetime gifting. This involves transferring assets during your lifetime to reduce the taxable value of your estate.

The Power of Trusts: Trusts can play a pivotal role in Inheritance Tax planning. They allow you to retain an income from your investments while transferring the capital to your chosen beneficiaries.

The Importance of Early Planning: Procrastination can be costly when it comes to IHT planning. Starting early is key to reaping the full benefits of tax-efficient strategies. Waiting too long can result in missed opportunities and higher tax bills.

Bury Financial Advisers' Expertise: Navigating the intricate terrain of Inheritance Tax planning requires expertise, and that's where Bury Financial Advisers excel. With years of experience, they craft personalised strategies to suit each client's unique situation. Their guidance ensures that you make informed decisions to protect your wealth.

Conclusion: Inheritance Tax planning is not merely a financial task; it's an essential part of securing your legacy. To ensure your wealth endures and your loved ones are well provided for, proactive planning is paramount.

We encourage you to reach out to Bury Financial Advisers for personalised guidance and solutions. With their expertise, you can navigate the complexities of Inheritance Tax planning and pave the way for a lasting legacy, free from unnecessary taxation.