Research suggests majority of people have not made preparations for IHT
It is understandable that many people are reluctant to consider what will happen to their wealth and assets when they are no longer here, but it makes sense to put a plan in place while you are still alive to ensure your wishes are met and your loved ones are protected.
Recent research, conducted by a leading financial specialist, showed that around 87 per cent of people had no Inheritance Tax (IHT) strategy in place, while only 13 per cent had actively tried to find out if they would leave behind an IHT liability for beneficiaries.
Worryingly, around 12 per cent also believed their house would be exempt, while 10 per cent thought that their cash and ISA savings would not be affected.
According to the study, one in five people in their 40s and 50s expected to soon receive an inheritance in excess of £50,000, with 3.7 per cent likely to receive £400,000 or more.
With so many people unsure of their IHT position and the rules surrounding this tax, it makes sense to obtain expert advice, so that you can plan ahead and have peace of mind that the assets you have worked hard to accrue over the course of your lifetime are protected as much as possible from the taxman’s grasp.
Our experienced IHT experts are able to provide reassurance that your affairs will be managed and that family and friends will be adequately provided for in the future without being unfairly penalised.
We will also use our expertise and experience to ensure you and your family enjoy a financially secure lifestyle in your later years, including planning in advance for the costs of long-term care if it is required.
If you want to find out more about any of our services, please contact us.