Inheritance Tax Advice From Torphin Financial Planning, Edinburgh IFAs
Are you looking for Inheritance Tax advice, IHT advice, in Edinburgh?
You’ve worked hard throughout your life to ensure that your children are looked after financially when you die. It’s important therefore, to consider the implications of inheritance tax and the best way to legally keep more of the money you’ve earned, to pass on. Torphin Financial Planning, Independent Financial Advisers (IFAs) in South Edinburgh are experts in giving Inheritance Tax advice. We can help you make sure your loved ones receive what they’re legally entitled to after you’ve gone.
What is Inheritance Tax?
Inheritance Tax (IHT) is a tax due on the value of a person’s estate over a certain sum. Presently the limit for an individual is £325,000 and for a married or widowed couple the limit is £650,000. The Government has set out a timetable for these limits to increase over the next few years, but the increases only benefit people if their property is valued at over £325,000, for a single person, or £650,000 for a married couple, widow or widower.
IHT is not as straightforward as it may first appear; it’s important to get the right kind of advice from an Independent Financial Advisor to guide you, step by step, through the maze and simply your best options.
What are my IHT Choices?
One option is to make sure your children benefit from your hard work and financial diligence over the years. You could consider gifting your money or assets to your children while you’re still alive, but you have to live for a further seven years for them to benefit from the full tax benefits. (The relief is tapered from 3 to 7 years). Also, some people may be worried that they may need all their savings and run out of cash at some point, therefore will become a financial burden to their children instead.
The solution can be to place surplus cash into trust. A trust will allow you to have control over your funds and access to income if you need it whilst reducing your taxable estate. Torphin Financial Planning has access to the widest range for trusts and can advise you on the most suitable one for you and your beneficiaries.
Contact Torphin Financial Planning, Edinburgh, for Inheritance Tax Advice
Making sure your children and your spouse benefit financially after you die takes careful thought and consideration. It also means receiving the best advice and guidance from an Independent Financial Adviser who understands how Inheritance Tax works and how you can legally pass on more of the estate which is rightfully yours.
Please contact Torphin Financial Planning at our South Edinburgh office and we can discuss the right options for both you and your intended beneficiaries.
Taxation depends on individual circumstances as well as tax law and HMRC practice which can change. Tax planning and trusts are not regulated by the Financial Conduct Authority.