Why is Inheritance Tax (IHT) Planning important?
Planning ahead for when you die allows you to set out clearly who should get what from your estate. Also, you can maximize Inheritance Tax reliefs and exemptions if your estate might be worth more than the Inheritance Tax threshold.
The threshold is £325,000 and will remain so for the forseeable future. The government has introduce a new IHT reilef for property increase by 2021 up to £175,000 per person. This for many will not take them out of the IHT regeim.
Gifting money or property,Invest money, put money into trust or giving it to charity are common parts of many peoples planning. Advice from a professional in regards to your planning potentially could save you thousands.