NEWS
September 10, 2009
For married couples, the nil-rate band for inheritance tax was effectively doubled last year, meaning that IHT is only an issue when your combined assets are worth more than £650,000.
But it’s surprising how quickly you can get over that amount. Your house – hopefully some time soon! – will grow in value, whilst the mortgage goes down.
And – hopefully – your savings and investments will accumulate, especially after the kids leave home.
And you’ve still got all that life insurance in place.
And many people don’t realise that when that policy pays out on death, it will increase the value of your estate for IHT.
A big problem, with a simple solution – make sure the policy pays out to a trust, rather than to the life assured.
If you do this one small thing, that could save 40% in inheritance tax – leaving a lot more cash to pay the bill on the rest of your estate, or to provide for your family’s other needs.
Simples, as the meerkats might put it.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
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PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
