Inheritance Tax
Our Inheritance Tax planning services
At Taurus Wealth Management, we believe that effective inheritance tax planning is an integral part of overall wealth management.
Our goal is to help you pass on as much of your hard-earned wealth as possible to your chosen beneficiaries, while ensuring you maintain financial security and control during your lifetime.
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Inheritance Tax overview
We stay current with the latest IHT legislation and HMRC practices to provide you with up-to-date, compliant advice. Our team works closely with legal professionals when necessary to ensure that your IHT planning aligns with your broader estate planning goals.
Remember, inheritance tax planning is a complex area that requires careful consideration and expert advice. Our team at Taurus Wealth Management is here to guide you through this process, providing clear, jargon-free explanations and tailored solutions to meet your needs.
Estate Valuation
We’ll help you accurately value your estate to determine your potential IHT liability.
Threshold Analysis
We’ll assess your nil-rate band and residence nil-rate band entitlements to maximize your tax-free allowances.
Gift Strategy
We’ll advise on how to make the most of lifetime gifts and potentially exempt transfers to reduce your estate’s value.
Trust Planning
We can guide you on setting up and managing trusts as a way to protect assets and potentially reduce IHT.
Business Relief
For business owners, we’ll explore options for Business Relief (formerly Business Property Relief) to potentially reduce IHT on business assets.
Life Insurance Solutions
We can advise on using life insurance policies written in trust to cover potential IHT liabilities.
Pension Planning
We’ll help you understand how pensions can be used as part of an IHT strategy.
Our process
- Comprehensive Review: We'll conduct a thorough review of your assets, liabilities, and family circumstances.
- Liability Calculation: We'll calculate your potential IHT liability based on current legislation.
- Strategy Development: We'll create a personalized IHT mitigation strategy tailored to your specific situation and wishes.
- Implementation: We'll help you put the strategy into action, which may involve setting up trusts, making gifts, or restructuring your assets.
- Ongoing Monitoring: We'll regularly review your IHT position and adjust the strategy as needed, considering changes in legislation or your personal circumstances.
Key considerations
- Balancing the need to reduce IHT with maintaining your financial security
- Understanding the seven-year rule for potentially exempt transfers
- Exploring charitable giving as a means of reducing IHT
- Considering the use of agricultural or business property relief
- Advising on the tax implications of gifting property or other high-value assets
- Helping you navigate complex family situations, such as second marriages or estranged children
Inheritance Tax Planning is not regulated by the Financial Conduct Authority.
Want to know what our long-term clients get when working with us?
Call the office and schedule a time to talk with the Taurus Wealth team today.