Deborah Bowers Will Writing Services
Understanding Inheritance Tax on Your Family Home
Understanding Inheritance Tax on Your Family Home
At Deborah Bowers Will Writing Services, we know that people want to pass down some of the money to their next of kin, as well as their family home. inheritance tax on family home reduces the overall value of the properties passed on, but not with the help of Integrated SIPP and legal advice from professionals. In this area, we have made it our point to offer specialized inheritance tax services so that our clients are not lost when it comes to dealing with these issues.
How Inheritance Tax Impacts Your Family Home
In the UK for instance, inheritance tax is charged at 40 percent on the value of the property over a sufficient special amount. According to the latest estimate, the family house is the most valuable asset for many families and this is why it is crucial to know how IHT works and what planning strategies might be used. Welcome to Deborah Bowers Will Writing Services, we will assist with making sure that inheritance tax on family home can be left to those that are all dear and near, free from undue taxes.
Strategies to Minimize Inheritance Tax on Family Home
Pre-planning can enable one to get the most out of the estate you intend to leave behind to loved ones. Here’s how we help:
- Gifting Your Property: The first is that you transfer your home to your loved ones as a gift while ensuring that you live for not less than seven years after giving the gift. However, gifting a home is a whole different thing, which for instance, introduces the issue of capital gains tax.
- Setting Up a Trust: We also assist our clients in considering whether they should be undertaking a trust arrangement. They are useful to assist with protecting assets such as property from inheritance tax but trusts are severely limited by rules and charges. Our advice on forming and administering trusts is definite and detailed.
- Downsizing: If a client’s home is worth more than the RNRB less funding may be required and clients with properties outside the RNRB may find downsizing viable. Despite the above meaning a move to a smaller property is still possible while retaining the RNRB as long as any disposal is to direct descendants.
Trustworthy, Informed Inheritance Tax Advice
For inheritance tax on family home, it is advisable to seek professional advice when planning to protect your family home. We provide friendly, professional advice specific to each family, at Deborah Bowers Will Writing Services. You can therefore be sure that with our help your estate plan is going to be set up in such a way that will minimize tax implications which are unnecessary and keep on creating a legacy into the future.
At Deborah Bowers Will Writing Services, we pride ourselves in ensuring that everything being done is as easy as could be and that all the estates being planned will be suitable to the future needs of the families.