Protection & Inheritance Tax (IHT) mitigation

Aug 24, 2021


Mr & Mrs Jones are married and have x3 grown up children. Their estate is valued at £1,700,000 (main residence £1,500,000 & savings of £200,000).
Currently, if they pass away with no planning in place there would be IHT to pay – their children would pay this on their behalf.

Taking no action

IHT due – £280,000
No protection against third parties (future partners, creditors, benefits etc), meaning Mr & Mrs Jones’ children may end up with even less if any of them are going through financial difficulty after their parents passing.

Planning in place

In this instance, putting the correct planning in place, we can reduce the estate for inheritance tax calculations and save the children that £280,000, like most inheritance planning (in particular, gifting) this takes 7 years to do.
Alongside mitigating IHT, we have also put the relevant lifetime protection in place ensuring Mr & Mrs Jones maintain control and their estate is protected against third parties.

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An estate plan should cover many different aspects of your life, and is a key part of putting your affairs in order. This includes everything from protecting property you own to deciding who should be in charge of your affairs when you are no longer able to. It can even help your loved ones avoid paying too much IHT.

As everyone’s needs and preferences for estate planning are so different, we offer a wide range of services.

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If you would like to speak to one of our Estate Planners to arrange your free, no obligation consultation, please get in touch.

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Redwood Wills & Estate Planning, North Cottage,
Stanstead Road, Ware, SG12 8PS, England.