Inheritance Tax Planning Kent Facts and Benefits

Inheritance tax can set your loved ones back hundreds of thousands in the event of your passing away. This said, it is possible to avoid huge inheritance tax Kent or even avoid paying any at all on the basis of legal exemptions.

 

You only need to arm yourself with the right facts about the inner workings of inheritance tax as well as the many benefits of proper inheritance tax and estate planning.

First things first, what is inheritance tax? Inheritance tax Kent is the tax paid on a person’s assets when he or she dies. This is after inheritance tax allowances have been deducted. Upon a person’s death, the government assesses the value of your estate and then deducts your debts from this value to get the real worth of your estate. These assets may include your investments, cash in the bank, vehicles, any business or property that you own, and your insurance pay-outs. The question remains, how much inheritance tax are you required to pay? Generally, your estate will owe 40% tax on values above the £325,000 threshold. This is reduced to 36% when you leave at least 10% of your assets to charity. Other allowances, including the relatively new Residential Nil Rate Band may also be available.

Dealing with inheritance tax Kent is one of the biggest money saving strategies you can put in place before the inevitable happens. Even the simplest inheritance tax planning methods can save you thousands and help make sure that your loved ones get the value they deserve out of your estate. Ironically enough, a lot of people tend to ignore tax planning for their estate until it’s too late, leaving their loved ones with less than they could and should get from their inheritance. This is where inheritance tax planners, estate planning advisors, and financial experts come in to play, giving you sound advice on how to manage inheritance tax and make sure that your loved ones and beneficiaries get the value they deserve out of your assets.

 

MVL Wills and Trusts of Battle, East Sussex, can help you with their Inheritance Tax experience, advice and friendly attitude. A consultation is free and can be held at our offices or in the comfort of your own home. Call 01424 577070 or email info@mvlwillsandtrusts.co.uk for an appointment.