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You will potentially have a significant liability to IHT after you both die, but you could reduce this with careful planning and by making gifts while you are still alive. You made gifts to your children 10 years ago so these are fully outside your estates for IHT purposes.
So, it might be appropriate to pass on some of your wealth while you are still alive. This will reduce the value of your estate when it is assessed for IHT purposes, and there is no limit on the sums you can pass on. You can gift as much as you wish, and this is known as a ‘Potentially Exempt Transfer’ (PET).
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Rather than making. planning tool for the next generation”. Let’s look at a family where the husband has substantial assets. If he puts those assets in a trust at the time of his death, it doesn’t.
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With careful planning, however, you can reduce your IHT liability to zero. Who has to pay? The death of a loved one is a traumatic experience – and having to deal with tricky legislation governing what happens to that person’s assets does not make the process easier.
However, wills can be extremely useful in respect of making gifts which are exempt from IHT – such as a gift to a charity – which will then reduce the IHT payable. Gifts to charities will not be included in your estate – plus if you make a gift of 10% or more of your net estate to charity, you can reduce the IHT tax level
For instance, some states charge an inheritance tax. of the money you’ve come into, you should consult with a tax advisor to be sure. By planning ahead for your tax bill, you can not only optimize.
Careful planning can reduce or even eliminate the IHT payable.. Ways to reduce the amount of IHT you may have to pay: Make lifetime gifts . Gifts made more than seven years before the donor dies, to an individual or to a bare trust, are free of IHT. So, it might be appropriate to pass on some.
Inheritance Tax and Gifts. Generally, small gifts you may make out of your income, such as Christmas or birthday presents will not be pulled back into the Inheritance Tax calculation if you die within 7 years – as long as you do things correctly. These ‘exempted gifts’ are effectively tax-free PROVIDED they do