In the words of Benjamin Franklin ‘in this world nothing can be said to be certain, except death and taxes.’ When you die, the government assesses how much your estate is worth; this includes the cash you have in the bank or in investments, and any property or business you own.
If this exceeds the Inheritance Tax threshold set by the Chancellor, your estate will pay tax on 40% of the extra when you die. From April 2012 the amount is reduced to 36% if you leave at least 10% to a charity.
Druitts can advise you on how to maximise Inheritance Tax reliefs and exemptions if your estate might be worth more than the Inheritance Tax threshold.
It is also possible to save Inheritance Tax by preparing a will including straightforward measures such as leaving your estate to your spouse, civil partner or charity or more complicated methods relating to trusts. Our specialist solicitors, Margaret and Stephanie, will be happy to discuss these options with you.