Inheritance Tax or IHT as it is commonly known is payable on everything you have of value when you die, including: your home, jewellery, savings and investments, works of art, cars, any other properties or land – even if they are overseas.
It is usually payable on death but there are certain circumstances where IHT becomes payable earlier such as when putting assets into certain types of Trusts.
Inheritance Tax Planning can ensure that you are informed about the current level of tax that may be payable on death, taking into account the available allowances, and determine whether you can reduce this further in life by effecting a plan in order that more of your estate passes to your intended beneficiaries.
One of the most important things you can do to help reduce the amount of IHT you will have to pay is to write a Will. At McSherry Halliday, we are well placed to provide you with this advice and to prepare a Will suitable for your requirements. If you die without a Will, your Estate is divided out according to a pre-set formula and you have no say as to who gets what and how much tax is payable. Inheritance Tax Planning is one of the most important ways to ensure that your Estate passes to your preferred beneficiaries while minimising any potential tax payable. It is never too early to plan and at McSherry Halliday we are able to offer you Inheritance Tax Planning advice to ensure you are in an informed position regarding the value of your Estate that would be left to your loved ones.
McSherry Halliday offer a fee-based service. This fee is dependent on the work carried out on your behalf. The first, no obligation meeting is at our expense and thereafter we will advise on the specific costs of the services we would offer to address your requirements.
If you have a query or wish for some advice please make an enquiry or contact one of our offices directly and a member of our team will be happy to assist.