As we start the New Year, thereís no better time to be reminded of looking after our prized possessions – our loved ones and our wealth.

You can begin by making a will and then ensuring you donít pay any more inheritance tax (IHT) than you have to.

IHT is usually paid by the estate when someone passes away or when a person gifts their assets during their lifetime.

Everyone is currently entitled to an IHT free allowance of £325,000.

IHT becomes payable at 40% once an individual or married couple/civil partner exceeds their IHT free allowance.

Married couples or registered civil partners can benefit from an IHT free allowance of £650,000 when the second spouse/partner passes away although this is not automatic.

IHT can be significantly reduced by planning in advance.

Some tips on reducing a potential IHT bill include:

• Having an up-to-date will
• Giving yearly allowable IHT free gifts to your children, for example
• Transferring wealth to the next generation seven years before passing away
• Using family trusts to hold capital
• Ensuring your business qualifies for full IHT relief
• Making gifts to charity
• Spending your money as quickly as you can!

There really is no need to leave your family in chaos or facing a financial nightmare! †Get the New Year off to a flying start by taking care of your loved ones.

For more information or to make an appointment please contact us now on 020 3128 7081 or send an email to info@ashtongrace.co.uk

Ashton Grace ñ Giving you peace of mind