Inheritance Tax Advice and Planning
Post-Budget 2024 - Why Estate Planning has NEVER been more important
Alongside preparing Wills and LPAs, Estate Planning has always been an important element of our work. Never more so than now.
The most significant change introduced by the Budget is the inclusion of unused pension funds and death benefits when calculating the Deceased’s Inheritance Tax liability.
This one change alone will convert hundreds of thousands previously exempt estates into taxable estates. Listen carefully and you can hear HMRC rubbing their hands together!
Increasing the cumulative total in this way will also take many individuals and married couples over the £2million mark meaning their estates will start to lose the Residence Nil Rate Band. This means that that an otherwise eligible estate of a single person will be limited to a standard nil rate band of £325k (rather than £500k) and that of a widow or widower will be limited to £650k (rather than £1million).
Estate planning is therefore the most important thing you can do for your family. There are perfectly legal and uncomplicated ways of avoiding inheritance tax altogether but action needs to be taken early on and then consistently over the years.
The current Nil Rate Bands are locked in until April 2030 yet house prices will continue to rise. Your inheritance tax liability is going to get progressively worse over the years if you do nothing about it. So please take the advice, look at options and take action.
Make a start by signing up for my pre-recorded seminar Inheritance Tax following the 2024 budget.
"I feel very fortunate to have met Deborah Wise; she made it very comfortable and easy for me to set up the Will and Lasting Powers of Attorney.
It was an efficient, polite, professional and friendly service."
