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Consilium Assset ManagementConsilium Asset Management is authorised and regulated by the Financial Conduct Authority.
Financial Services Registration Number 469507. Registered in England No 04838547 Registered Office: Vayre House, Hatters Lane, Chipping Sodbury, Bristol, BS37 6AA.
Please note that the Financial Conduct Authority (FCA) does not regulate cash flow planning. They also do not regulate estate planning, tax advice, or trust advice.
Inheritance tax (IHT) is a crucial aspect of financial planning that affects individuals and families when transferring wealth after death. It is essential to understand how IHT works to prepare adequately and minimize potential liabilities.
In the UK, IHT is charged on estates valued over a certain threshold, currently set at £325,000. This means that if the total value of a deceased person's estate exceeds this amount, the excess is taxed at a rate of 40%. Planning ahead can significantly reduce the tax burden through strategies such as gifts, trusts, and charitable donations.
Calculating your inheritance tax liability can seem daunting, but it is a vital step in financial planning. Using an IHT calculator can provide a quick estimate of what your estate may owe in taxes.
To use an IHT calculator effectively, you will need to input details about your assets, liabilities, and any gifts made within the last seven years. This information helps to determine the net value of your estate and the potential tax due, enabling you to make informed decisions regarding your financial future.
Engaging with a financial advisor can provide invaluable insights and strategies when it comes to managing inheritance tax and overall financial planning. Professionals in this field can tailor advice to your specific situation, ensuring you are well-informed of your options.
Financial advisors can help identify opportunities to minimize tax liabilities, such as utilizing tax-efficient investment vehicles or making use of available allowances. They also stay updated on changes in tax legislation, ensuring that your financial strategies remain compliant and effective.
Consilium Asset Management offers a free consultation service to help individuals navigate the complexities of inheritance tax and financial planning. This initial meeting provides a risk-free opportunity to discuss your financial situation and goals.