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29/09/2009
IHT 'can be avoided by rewriting will' |
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People can change their wills and how they place their money in order to avoid big inheritance tax (IHT) bills being placed on their estates after they die, it has been pointed out.
In a feature on the subject, the Daily Mail noted that there are a series of actions that individuals and couples can take to ensure their wealth is passed on to those they wish to inherit, rather than being swallowed up by the taxman.
Methods listed by the paper include giving away money while still alive, with this being non-taxable on amounts of £250 or less up to a total of £3,000.
This can also include gifts of up to £5,000 to one's children when they marry, or £2,500 to grandchildren getting wed.
Another way to avoid the tax is by taking on a whole-of-life insurance policy, which can be held in trust apart from the will and can produce a lump sum to pay the IHT bill after death.
Those needing help to arrange these can speak to a solicitor experienced in will drafting.
Using trusts is also a way to place money earmarked for an inheritance beyond a legal challenge - something a will can be subjected to - director of independent financial advisory firm Ark Financial Planning Phil Perry recently noted.
Written by Pauline Adams
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