Protect your assets for the people you love
Inheritance Tax is levied on your estate on death- this includes your money, investments, properties after debts and funeral expenses. Currently, there is 40% tax on an estate over £325 000. For example, if your estate is worth £425 000, that is a 40% tax bill on £100 000 - which is £40 000 tax.
We can look at your circumstances and advise you on how to plan ahead potentially reducing your tax bills
Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than the Inheritance Tax threshold when they die.
The current threshold to which you must pay 40% tax is currently £325,000 (fixed until 2016) for a single person or for people who are married, in a civil partnership or widowed, the threshold for Inheritance Tax is currently £650,000 between them . So, in the worst case situation, if your estate (everything you owned at the time of death, including your house value) was, say, £425,000 then you would have a taxable estate of £100,000. This would give rise to a tax bill of £40,000. £40,000 less going to your loved ones.
The rules involved in inheritance tax are complex and it is for this reason alone it is important to discuss your situation with us, as only then will you be able to understand its potential effects on you, whether your loved ones will lose out on some of their inheritance and, more importantly, what can be done through us to reduce or even eliminate its effects.
We can look at your circumstances and advise you on how to plan ahead potentially reducing your tax bills
Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than the Inheritance Tax threshold when they die.
The current threshold to which you must pay 40% tax is currently £325,000 (fixed until 2016) for a single person or for people who are married, in a civil partnership or widowed, the threshold for Inheritance Tax is currently £650,000 between them . So, in the worst case situation, if your estate (everything you owned at the time of death, including your house value) was, say, £425,000 then you would have a taxable estate of £100,000. This would give rise to a tax bill of £40,000. £40,000 less going to your loved ones.
The rules involved in inheritance tax are complex and it is for this reason alone it is important to discuss your situation with us, as only then will you be able to understand its potential effects on you, whether your loved ones will lose out on some of their inheritance and, more importantly, what can be done through us to reduce or even eliminate its effects.
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Whether we do a simple Will for you or a complex packaged solution, we will advise you on the tax implications based on your circumstances
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Peace of mind from Simple Wills to Complex Solutions
Whether you need a simple Will or a more complex packaged solution, NGEP can help you. We will meet with you, discuss your needs and go through various scenarios depending on your circumstances giving you peace of mind and reassurance. We are here to make the process easy and convenient for you.
