Inheritance tax planning
Mitigating inheritance tax
With increasing property prices, more of us face the prospect of leaving loved ones with a hefty inheritance tax (IHT) charge. With changes to IHT continuing to evolve, it is prudent to seek advice now.
The Wynchwood approach
Wynchwood works with your solicitor and accountant to construct a holistic approach to your IHT mitigation plan. Together we will consider:
How does your will deal with your IHT issues?
- Pension Planning
How IHT-efficient is your pension plan?
Can you use trusts to reduce the value of your estate?
Careful use of your gift allowances and any surplus income can reduce the value of your estate immediately.
- Discounted Gift Schemes
It may be possible to reduce IHT liability immediately without waiting seven years.
- Equity Release
This is an increasingly useful tool for older clients who find themselves living in a valuable property that is already over the IHT threshold.
- Immediate Care Plans
These can be used to ring-fence the accumulated wealth of anyone who moves into permanent residential care.
- Business Property Relief (schemes)
Investments which are IHT free if they meet the qualifying criteria and are held by the individual for two years.