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Financial advice for passing on an inheritance and managing an inheritance tax bill
Inheritance has often been described as a voluntary tax or worse still as a tax that is paid by people whose mistrust and loathing for their relatives is greater than that for the taxman! Of course many estates have to suffer inheritance tax, but by making full use of certain exemptions and lifetime gifts, it is possible to reduce or remove this liability altogether.
If you don’t wish to give all your wealth away without retaining some control then the use of trusts might be appropriate. In spite of their apparent complexity and media speculation, trusts are inherently simple and will do one of three things:
Each strategy will have a different outcome for inheritance tax purposes.
Please note the Financial Conduct Authority does not regulate will writing and taxation and trust advice.