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We all want to do the best by our families. Recent research published by St. James's Place revealed more than two-thirds (69%) of SJP clients expect to provide some form of financial support for their family at some point. And more than one-third of those people expected that support to be in the form of an inheritance. But when do you have to pay Inheritance Tax (IHT) and how do you start planning ahead? Here are the top five things to know about IHT ⬇️ https://lnkd.in/eT7Qq8sP #inheritancetax #wealthmanagement #taxplanning #McKnightAssociates

5 things you need to know about Inheritance Tax (IHT) 👇 Your inheritance can significantly impact the lives of those you choose to leave it to. By initiating this conversation now, you can remain connected to your family's future even after you are no longer present. You can reduce the amount of Inheritance Tax (IHT) payable with careful estate planning and tax-efficient gifting. If you'd like to read more, you can read our full insight on our website: https://lnkd.in/ejpj6R7P #AnglianWealthManagement #MoneyMatters #WealthManagement #LifePlanning #InvestmentPlanning

Inheritance Tax, is a concern for many in the UK. Essential insights to secure your legacy. - **Understanding Inheritance Tax:** - Tax on the estate of the deceased. - 40% tax rate beyond the "nil-rate band." - Exemptions and reliefs available. - **Who Does Inheritance Tax Affect:** - Beneficiaries of the estate. - Executors responsible for tax payment. - Givers of gifts within a specific timeframe. - **Managing Inheritance Tax:** - Lifetime gifts to reduce estate value. - Utilizing the "nil-rate band" (£325,000). - Leveraging the "residence nil-rate band" (£175,000). - Inheritance Tax planning and professional advice. - Life insurance for tax liability coverage. www.mcp.org.uk #inheritance #legacy #taxplanning

Following on from my post back in February on the Inheritance Tax collected by HMRC in the first nine months of 2023 -https://lnkd.in/e9gRhNyv - the prediction that we would see another record-breaking year come April 2024 was correct… Inheritance tax receipts in the United Kingdom amounted to approximately £7.5 billion in 2023/24, compared with £7.09 in the previous financial year 😮 Sourcing the right advice to clarify the intricate rules of Inheritance Tax for you and your family will help maximise the wealth you leave to your loved ones. Planning ahead is 🔑 #ihtplanning

🏡 Navigate Property and Inheritance Tax with Confidence! 🌟 Understanding the intricacies of inheritance tax (IHT) on property is essential, especially when dealing with international assets and trusts. Discover how to effectively plan and mitigate IHT liabilities, ensuring your estate is managed efficiently and your beneficiaries are protected. 🔍 Key Insights: Primary Residence Valuation: Learn how your home is assessed for IHT and how to leverage the Residence Nil Rate Band (RNRB). Trust Benefits: Explore the advantages of placing property in trust, including asset protection and tax efficiency. Overseas Property: Understand the IHT implications for owning property abroad and how to navigate dual tax liabilities. 📖 Read our latest blog to master property-related inheritance tax strategies and safeguard your financial legacy! 👇 ➡➡ https://lnkd.in/ejXbKy46 ⬅⬅ #propertytax #mrnrb #estateplan #TaxExperts #TaxPlanning #InheritancePlanning #IHT #inheritancetax #EstatePlanning #FinancialPlanningTips #FinancialPlanning #financialadviser #financialadvice #rnrb #taxexemptions #independentfinancialadvice

Wondering about the Inheritance Tax Threshold? 💸 It's the amount you can leave behind without your loved ones being taxed. In the UK, for example, it's £325,000. Beyond this, a 40% tax applies. Remember, rules vary globally, so it's crucial to stay informed! Did you know there are exemptions and allowances that can help reduce the impact of Inheritance Tax? Gifts, certain reliefs, and the residence nil-rate band are just a few strategies. Consult a financial advisor to explore options tailored to your situation. 🤝💼 Planning ahead can make a significant difference for your beneficiaries. Share this post to spread awareness and help others navigate the complex world of Inheritance Tax! 🌎 www.finsgate.com 📧 admin@finsgate.com 📞 0203 432 5564 #EstatePlanning #TaxTips #InheritanceTax #FinancialWisdom

Inheritance Tax (IHT) can feel overwhelming, but it's vital for passing on wealth smoothly. We get it – it's a top concern for our clients! Our latest blog breaks down UK inheritance tax essentials, its impact, and smart planning tips. Don't miss out – read it now here https://lnkd.in/eHXBHFEh If you’d like to chat about how the changes may affect you, book an appointment with us today – link in bio 😊 #MagentaFP #MagentaFinancialPlanning #PlanningWithPassion #FinancialPlanning #FinancialPlanner #FinanciallyFree #FinancialConfidence #FinancialGuides #InheritanceTax #FinancialPlanning

Following on from my post back in February on the Inheritance Tax collected by HMRC in the first nine months of 2023 - https://lnkd.in/et9NY4vd - the prediction that we would see another record-breaking year come April 2024 was correct… Inheritance tax receipts in the United Kingdom amounted to approximately £7.5 billion in 2023/24, compared with £7.09 in the previous financial year 😮 Sourcing the right advice to clarify the intricate rules of Inheritance Tax for you and your family will help maximise the wealth you leave to your loved ones. Planning ahead is 🔑 #inheritancetax #planahead

Can a Trust reduce inheritance tax? By using a trust, you can potentially reduce the IHT payable on your estate. Since the assets are held in trust, they are considered outside your estate for IHT purposes. Trusts allow you to retain control over the assets while protecting them for the beneficiary. For instance, you can specify rules such as granting access to the trust only when the beneficiaries reach a certain age. Setting up a trust requires professional advice. We can guide you on the most suitable type of trust based on your goals and circumstances. For more information on how to go about setting up a Trust, reach out to us here 👉 https://lnkd.in/dKxaR8ub #probateni #trusts #inheritanceplanning #taxes #assetprotection