Give Your Money to the Tax Man or Your Family – Your Choice

I’ve just got back from a meeting where I’ve had to tell yet another family that a big chunk of their parents’ estate is going to the Tax Man.

Inheritance tax (IHT) – payable on death at 40% of anything you own over £325,000 – is one of the most unfair and despised taxes.  Most of your estate (that is your house, car, savings and investments, other property – everything you own in fact) has already been taxed at least once during a lifetime of accumulating your assets.  So why let the Government take another 40% of it – that’s almost half – when you die.

There’s a wealth of information available – some would call it information overload – and our experience is that conflicting and misleading information leads to confusion and inaction.  Every year HMRC collects billions of pounds of IHT from ordinary families.  Are you going to let your family contribute?

If you want information, there’s plenty available – in fact I have copies of my book “37 Legal Ways to Slash £thousands off your IHT”, worth £5.99 to give away.   But information isn’t going to solve the problem, and doing nothing means your family is at risk of losing a big chunk of everything you’ve worked all your life to get.

The baby boomer generation are about to start inheriting from their parents, and that’s only going to add to the problem.  Yet there’s some very simple steps you can take to protect inherited money from Inheritance Tax, and save thousands that will benefit your family and not the tax man.

The sooner you start to think about this, the sooner you can take steps to protect your assets from attack.  Some solutions can take years to become effective.  Other steps can be put in place virtually overnight.  But if you leave it too late, very little can be done to protect your money.  Do you really want your money to end up funding ineffective foreign aid and MP’s expenses, instead of securing your grandchildren’s education?                                   

I work hard to get this message across.  IHT is not going away and you are not going to live forever.  Don’t let your family be the next one to hear that thousands of pounds of family money is going down the tax pan.

Julie Wilson
Julie Wilson
I am a Chartered Financial Planner, and a Director and Practice Manager at PenLife Associates Ltd, Chartered Financial Planners in York. I am a Fellow of the Personal Finance Society – the highest professional qualification available in the UK.


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