True Bearing

Inheritance Tax Planning

Inheritance Tax Planning Advice

An important part of financial planning is looking at the potential impact of Inheritance Tax (IHT) as it can disrupt your plans in relation to passing down wealth to your family. At True Bearing, we can help you minimise your IHT liability by looking at your circumstances and using our knowledge on allowances, schemes and rules to create a suitable planning strategy.

If you are over the threshold, payment of IHT will reduce the value of the estate that you will be passing to your beneficiaries. Therefore, if you are likely to be required to pay IHT, it is worth looking at what steps you are able to take to keep your estate as intact as possible.

To speak to an Independent Financial Adviser about IHT planning, call us on 01257 260011 to arrange your first appointment at our expense, or fill out our contact form to request a call back.

What is Inheritance Tax?

IHT is the tax payable by an estate once a person passes away. An estate is classed as a person’s property, assets and possessions. Depending on the value of the estate, it could run into many hundreds of thousands of pounds, but it’s not just those with high value estates that will benefit from IHT advice. 

Anyone with an estate worth over £325,000 will pay IHT and so, in order to protect your wealth and ensure a legacy for future generations, True Bearing can help. There are several ways that we can mitigate or reduce your IHT liability in line with HMRC rules and guidelines.

Inheritance Tax is normally charged at 40% of the value of your estate above a certain amount. This is known as the IHT threshold or nil-rate band (NRB), which is currently £325,000. Additionally, married couples can combine their IHT thresholds, meaning that up to the first £650,000 of their combined estate is IHT-free.

There is also the new IHT Residence Nil-Rate Band of £175,000. It is in addition to an individual’s own NRB of £325,000, and conditional on the main residence being passed down to direct descendants (e.g. children and grandchildren).

Our Services

True Bearing has Independent Financial Advisers located throughout the North of England including Lancashire, Cheshire, Merseyside, Yorkshire and Cumbria. Your local, experienced Independent Financial Adviser will be able to help with all types of tax and Inheritance Tax Planning.

By engaging True Bearing for your Inheritance Tax Planning needs, we can work with you to ensure you have an accurate and viable IHT plan in place. This will take the worry away from your family when you pass on, and will give you peace of mind in the meantime.

Get in touch with us today to book a no-obligation appointment at our expense. During this introductory meeting, we will get to know you and understand your financial position and personal circumstances so we can be in the best place to assist you with IHT planning.

To speak to us about IHT planning, give us a call on 01257 260011 to arrange your no-obligation meeting, or complete our contact form to request a call back.

How True Bearing Can Help You

Any type of tax planning can be confusing, complicated and time consuming, which is why we are here to help. True Bearing is not like many other Independent Financial Advisory firms that provide IHT advice. Our clients are at the centre of everything that we do and by understanding their personal needs and circumstances, we can recommend the most suitable strategies for them.

We will consider a number of options to mitigate your IHT, including:

• Will planning
• Power of Attorney
• Lifetime gifting
• Life cover
• Trusts and lump-sum arrangements

The plan that is right for you may include many or none of the above; however, it is important that we consider these solutions in line with your goals and aspirations to make sure your wishes are met. By employing True Bearing’s services, you can have peace of mind that all the IHT advice is accurate, safe and legal.

We have been providing tax planning advice to our clients since 2003, and have helped individuals, landlords, sole traders and business owners with their tax matters. As a Chartered Firm, our advisers are among the most qualified in the UK. In addition, our advisers undergo regular training to ensure they are fully up to date on the latest developments to ensure that they are able to make the right recommendations for you.