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28/01/2009
People 'unaware of the size of their estate' |
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A financial adviser claims that many people are ignorant of how much their estate is really worth.
Gary Hans, a stockbroker and financial adviser with Edward Jones, says that once a person's assets are added up it is very easy for them to be worth more than the current £312,000 inheritance tax threshold.
He explains that with tax charged at 40 per cent on everything above this threshold, a singleton with a £512,000 estate would leave a tax liability on the balance of £200,000.
This would mean that £80,000 would have to be paid before the estate was released to beneficiaries.
"It's also wrong to assume on death everything passes to ones nearest and dearest. This is often simply not the case," Mr Hans states.
However, he advises that this can be easily sorted out by taking legal advice and making a will.
He says: "It is simple, inexpensive and can also help limit any inheritance tax liability."
Tony Briscoe, director of DHC Accounting, says that many people do not realise that holiday letting a second home means exemption from inheritance tax. |
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