Watch the full Youtube video Series: How To Have A Conversation With Your Parents: How To Avoid Inheritance Tax?
In this video this week we explain the options of how you can avoid inheritance tax for yourself, Mum or Dad, or a loved one. Chris Daems, from Cervello Financial Planning offers his top tips on how to reduce your UK inheritance tax bill.
“For many of our older clients the fact that they’ve worked hard and paid income tax all of their lives, only to find that their kids get a tax bill on the value of their estate, is a bit of a blow.” – Chris Daems, Cervello Financial Planning.
Inheritance tax for many of our older clients is a bit of a hot potato topic. It’s something they want to do something about, but don’t know what they can do to reduce their inheritance tax bill.
There’s actually a decent amount you can do to reduce someone’s inheritance tax bill but a lot of what you can do removes assets from the estate.
This means that it potentially reduces the amount mum and dad have got to mitigate care costs. And, there’s a fine balance to be achieved in order to ensure that care costs can continue to be covered and you’re reducing your inheritance tax bill as effectively as possible.
However if someone is focused on reducing their tax bill they should certainly consider the use of the following including:
However, there’s no quick fix when it comes to reducing inheritance tax as certain strategies can take 2 – 7 years to be effective and there is no ‘one size fits all’ solution. However, with careful planning and regular review it’s certainly possible to reduce an individual’s inheritance tax liability over time.
If you want to find out more please get in contact with Chris at Cervello Financial Planning.
Cervello Financial Planning
07792 790 058
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