Understanding
exemptions for gifts given during your lifetime.
Gifts given to beneficiaries become tax-free if made seven
years prior to death. This rule is an essential part of strategic inheritance tax planning, as it reduces the overall taxable estate. Our guidance can help you make the most of these exemptions.
The Seven-Year Rule Explained
Professional Planning
let us guide you in minimising the impact on your estate
nheritance Tax (IHT) can be a significant burden for your beneficiaries, often requiring payment before any estate funds are released. With professional guidance, you can minimise this impact and protect your assets. At Eminence Group, we bring extensive expertise and tailored strategies to help you reduce or even eliminate inheritance tax liabilities. Our thorough planning can save your heirs from unnecessary financial strain and ensure your legacy is preserved.
Advantages of Professional Inheritance Tax
Planning
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Reduce Financial Burden on Heirs
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Preserve Family Wealth
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Optimise Tax Relief Options
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Utilise Lifetime Gifting Strategies
Why Inheritance Tax Planning is Essential
Addressing inheritance tax early is vital to ensuring your estate is managed according to your wishes. With our in-depth knowledge of UK tax regulations, we can help you preserve your wealth for your loved ones, taking advantage of every possible tax relief and exemption. Inheritance tax planning is complex, but with our guidance, you can confidently plan for the future.
How can we help
Frequently Asked Questions
1. What is Inheritance Tax?
Inheritance Tax is a tax on the estate of someone who has passed away, including property, possessions, and money.
2. How much can I pass on tax-free?
The current threshold is £325,000. Anything above this amount could be subject to a 40% tax rate, though there are exemptions.
3. Can inheritance tax be avoided altogether?
With strategic planning, it’s possible to significantly reduce or even eliminate the tax through allowances, reliefs, and structuring.
4. What is Business Property Relief?
Business Property Relief allows some business assets to be passed on free from inheritance tax, depending on conditions.
5. Is there a limit to how much I can gift tax-free?
You can give away up to £3,000 tax-free each year, plus an additional £250 per recipient under certain conditions.
6. What role do trusts play in inheritance tax planning?
Trusts can offer tax-efficient ways to transfer wealth, protect assets, and control distribution beyond your lifetime.
When you plan for inheritance tax, you’re planning for your family’s financial wellbeing. Without proper planning, inheritance tax can significantly reduce what you leave behind. By planning ahead, you’re ensuring that your family isn’t burdened by taxes and that more of your assets go directly to those you care about. It’s an investment in your family’s future stability and security.
