When you have lost your loved ones, it is time that you at least secure your inheritance. This however goes without saying that people with empty pockets wouldn’t be bothered as there is nothing to inherit. Since the rich need to save their riches, there are some ways to avoid the inheritance tax. When you seek inheritance tax advice Windsor, some of the ways your solicitor might propose are mentioned below.
Gift it to your partner:
One of the most followed ways of saving huge is by arranging for wills and trusts Maidenhead. Whether you live with your civil partner or you are married, it is possible to gift them your asset inorder to save this tax. In this way if your estate is in Windsor or Maidenhead, there wouldn’t be any need to pay the inheritance tax.
Giving to family or friends:
It is possible to give something to your friends or family, the value of the estate is included in the inheritance tax but this will only continue for seven years. To quote on example if you are gifting some money to your children’ they only pay the tax for seven years. When you take inheritance tax advice they will suggest you to give money every years so that you avoid inheritance tax.
Forming a trust:
You can put your money and other assets in a trust so that your family is no longer a part of it and are not liable to pay any taxes. It is possible to set trust right away or it can be mentioned in your will. The rules for the formation of trust are a bit complicated so it is best to take advice from an expert.
Will and trusts Maidenhead can be formed by consulting experts in Windsor.
One of the most followed ways of saving huge is by arranging for wills and trusts Maidenhead. Whether you live with your civil partner or you are married, it is possible to gift them your asset inorder to save this tax. In this way if your estate is in Windsor or Maidenhead, there wouldn’t be any need to pay the inheritance tax.
Giving to family or friends:
It is possible to give something to your friends or family, the value of the estate is included in the inheritance tax but this will only continue for seven years. To quote on example if you are gifting some money to your children’ they only pay the tax for seven years. When you take inheritance tax advice they will suggest you to give money every years so that you avoid inheritance tax.
Forming a trust:
You can put your money and other assets in a trust so that your family is no longer a part of it and are not liable to pay any taxes. It is possible to set trust right away or it can be mentioned in your will. The rules for the formation of trust are a bit complicated so it is best to take advice from an expert.
Will and trusts Maidenhead can be formed by consulting experts in Windsor.