Blithe House

Inheritance Tax Planning

When it comes to planning your financial future, Inheritance Tax (IHT) is one of those things that can sneak up on you if you’re not prepared. But fear not, because getting ahead of it can make a world of difference. Let’s delve into why early planning is key.

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Understanding Inheritance Tax

So, what exactly is Inheritance Tax? It’s the government’s way of taking a slice of your estate when you pass on. Currently, it’s set at a hefty 40% on anything above £325,000. However, if you’re passing on the family home or have joint assets, there are some additional allowances to consider.

Why Seek Inheritance Tax Advice?

Navigating the ins and outs of Inheritance Tax can feel like tackling a maze blindfolded. That’s where we come in. Our team at Blithe House is here to guide you through the process, ensuring you’re clued in on how the rules apply to your situation. From recommending savvy moves to keep things tax-efficient to giving you control over when and how you pass on your wealth, we’ve got your back every step of the way.

The Sooner, the Better: Planning Ahead Pays Off

Sure, it’s tempting to kick the can down the road when it comes to tax planning. But here’s the thing: some of these tax-saving strategies come with deadlines. That’s why it’s essential to start planning early. By taking action now, you can maximise your options and potentially save yourself a bundle down the line.

Strategies for Cutting Down Your Inheritance Tax Bill

Ready to take charge of your financial future? Here are some tried-and-true strategies for reducing your Inheritance Tax bill:

  • Making the Most of the Residence Nil-Rate Band (RNRB)
    The RNRB is a handy allowance for passing on the family home, and we’ll help you determine if your estate qualifies. By making the most of this additional relief, you can potentially save thousands in tax.
  • Trusts: Protecting Assets and Minimising Tax
    Trusts come in all shapes and sizes, but they all have one thing in common: they’re great for protecting your assets and minimising tax. Whether you’re looking to set up a trust for your kids or ensure your assets are passed on according to your wishes, we’ll find the right fit for you.
  • Gifting: Sharing the Wealth
    Who says you can’t enjoy your wealth while you’re still around? By making financial gifts to family and friends, you can not only spread the love but also reduce your Inheritance Tax bill. We’ll help you navigate the ins and outs of gifting, ensuring you stay on the right side of HM Revenue & Customs.
  • Maximising Your Pension Pot
    Pensions aren’t just for retirement; they’re also a powerful tool for estate planning. By minimising the use of your pension and ensuring it’s passed on tax-free, you can leave a lasting legacy for your loved ones.
  • Investing in Tax-Efficient Assets
    Investing in assets that qualify for tax breaks, such as business property relief (BPR), can be a smart move for reducing your Inheritance Tax bill. We’ll help you explore your options and determine the best course of action for your unique situation.
  • Drafting a Will: Ensuring Your Wishes Are Honoured
    Last but not least, a will is essential for ensuring your estate is passed on according to your wishes. From charitable bequests to tax-saving provisions, we’ll make sure your will is doing its job.

So, Why Choose Blithe House?

Why should you trust us with your financial future? Here are just a few reasons:

Experience: With years of experience under our belts, we’ve seen it all and know what works.

Personalised Approach: We’re not just number crunchers; we’re people who care about your financial well-being.

Fully Independent: As an independent firm, we’re free from corporate biases and only ever act in your best interests.

Ready to Take the Next Step?

Don’t wait until it’s too late to start planning your financial future. Get in touch with our team at Blithe House today to book your free consultation. Together, we’ll create a game plan that sets you up for success and ensures your legacy lives on for generations to come.

Get in touch with Blithe House Financial Management today. You can contact us to schedule a consultation on 01925 918029 or email info@blithehousefm.co.uk to start weighing up your options.

What our clients say:

  • Blithe House Financial made inheritance planning less morbid and less overwhelming. Their team gave straightforward advice and regular check-ins. I feel confident my plan is solid. Blithe House was definitely the right choice for me. If you need straightforward tax planning help, I’d recommend giving them a call.

    Hayley B

Get in touch

Please use our details below or fill out the form and a member of the team will get back to you.

Tel: 01925 918029

Email: info@blithehousefm.co.uk

Address:

18 London Road,
Stockton Heath,
Warrington,
WA4 6HN

Open: Monday - Friday: 9am-5:30pm
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