Bath & City Financial

Who’s going to inherit when you die: your family or the Chancellor?

You can’t take it with you when you go. But many of us would expect that the wealth we have created and accumulated in our lifetimes will be passed to our children or other members of our family. However, many people are simply not aware that everything they leave behind over a certain threshold will be taxed at 40%.

Worse still, your beneficiaries may actually have to pay the tax bill before they can inherit what is theirs by right.

Inheritance tax is not just for the very rich

Go back a few decades and Inheritance Tax was only paid by the very rich. As the value of property has risen over the last 20 years or so, more and more families have been affected by this tax when their parents die. Even now, with the recent changes in inheritance tax thresholds you don’t have to be a millionaire to be paying a small fortune in inheritance tax.

Hundreds of thousands of people around the country might be distressed to learn how well the Chancellor would do in the event of their death. Especially if they have not made suitable plans.

There are things we can do…

...to reduce the Inheritance tax bill, but there is no “one-size-fits-all” solution. Everybody’s circumstances are different and this is where you need the skill and expertise of a independent financial advisor to help guide you to the inheritance tax plan that is right for you. Most importantly, your inheritance tax planning needs to fit around your other financial planning priorities.

An appointment with a financial advisor will help you understand whether you are liable to be pay inheritance tax and how you might be best able to mitigate it. At Bath & City Financial we don’t have any ties to sell any particular company’s products. As an Independent Financial Advisor our job is to understand your individual circumstances and work out with you the inheritance tax plan that is works best for you.

Call 01225 475700 or drop into Bath and City Financial at 3 Wood Street, Bath to fix an appointment with one of our consultants.