Inheritance tax, Estate Planning and Probate
As holistic financial advisers, KMG look at the whole picture and can therefore advise you about inheritance tax planning as part of our overall investment advice.
When you die, if you leave everything to your spouse or civil partner, you don’t pay inheritance tax. You are also exempt if your estate is less than the inheritance band (currently £325,000). However, anything over this amount and your heirs pay tax at 40%. This could mean property, cash, possessions like cars and jewellery, life insurance polices etc.
If you leave your main home to your children or grandchildren (direct descendants) there is an opportunity to claim an additional residential nil rate allowance of £150,000 on top of the £325,000. This will rise to £175,000 after April 2020.
Inheritance tax can be mitigated using many financial planning tools and techniques. At KMG, we provide the majority of our clients with estate planning advice to ensure as much of your wealth is passed to your beneficiaries.
We also provide application and administration assistance for probate. We are proud to have qualified estate and tax planning specialists in-house who can assist you in what is a difficult and challenging time for an executor.
If you would like advice on any of the above, please contact us for further information.
Interested in Inheritance tax, Estate Planning and Probate?
If you're interested in Inheritance tax, Estate Planning and Probate and would like to find out more, either call a member of the team on the phone number below, or fill in the form opposite and someone will get in touch.