Inheritance Tax Planning
Inheritance tax payments to HM Revenue and Customs are likely to increase in the years ahead. This is partly due to the increase in property prices over the past few years, making more people’s estates liable to inheritance tax.
In essence unless you leave your possessions to your spouse, if your assets (including home, car, savings etc.) total over £300,000 (the threshold for 2007/2008) then there will be inheritance tax to pay.
Currently, the inheritance tax rate is 40%. Whilst that’s the bad news, there is some good news – careful planning can help you to ensure that HM Revenue and Customs get their hands on as little of your money as possible.
There are a number of ways Park Row Independent Financial Advisers can help you plan for IHT and minimize your potential liability.
Different rules apply to business assets and it is possible that the various reliefs available could reduce the value of a business asset by up to 100%. So, if you run your own company, when considering IHT you need to speak to an adviser who can help you plan for your business as well.
There are inevitably complex laws involved. In order to plan for inheritance tax, professional specialist advice is highly recommended. Park Row can provide the impartial analysis you need.
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Long Term Care Plans
People are living longer, unfortunately longer doesn’t mean healthier. The cost of personal care in later life is considerable and the state only provides limited support. Long term care plans can cater for this need.
Annuities
Annuities are the financial vehicles that provide income in retirement. You purchase an annuity using the accumulated funds of your pension plans. The annuity provider – which doesn’t have to be the company with whom your pension was invested, supplies a pension for life in exchange for your pension fund. There are many providers and options available and pensions legislation relating to what people can and can’t do is complex. The purchase of your annuity is fundamental to retirement planning and specialist advice is strongly recommended.
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