When it comes to inheritance tax planning, there are a few things that you can do to reduce the amount of tax that you have to pay. One of the best ways to do this is by making lifetime gifts. This can be done by transferring assets such as property, money, or shares to someone else. You can also transfer assets to trusts, businesses, or life policies. Another way to reduce your inheritance tax bill is by taking advantage of exemptions and reliefs. These can include the transfer of assets to a spouse or civil partner, the charitable donation of assets, and the exemption for agricultural property. It would also help keep in mind that inheritance tax planning is a long-term process. This means that you should start planning as early as possible to avail yourself of all the available options. Our team of experts can help you with all aspects of inheritance tax planning, from lifetime gifts to trusts and businesses.
Contact us today to learn more about how we can help you reduce your inheritance tax bill.