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Inheritance Tax Mitigation
 Burley Financial Services have been advising people how to look after their families and themselves for over 50 years. There is no substitute for longevity in this particular field, especially when it comes to looking after loved ones.
It may sound difficult to ensure that your estate is passed on to your family, or to ensure that your business continues after your death, however some simple, or complex, planning may make the situation much easier. More and more people are being effected by inheritance tax in one way or another, either as a beneficiary of a will or ultimately, passing on their estate to their families. Ultimately we believe that Inheritance Tax is a voluntary tax, because you can do something about planning for it, or reducing the value of your estate. Currently there are three options available to UK citizens when it comes to Inheritance Tax planning; Option1; Do Nothing This is currently the most common option that people choose to take. This may be due to the fact that this option is the cheapest (in the short term) and simplest. If you do nothing then should the value of your estate fall above the nil rate band upon your death, that portion which exceeds the nil rate band will be subject to Inheritance Tax – currently 40% (2008/09 tax year). Option 2; Gift You can make gifts during your lifetime. If you wish to do this then you may wish to consider planning for any Inheritance Tax that may be payable should you die within 7 years of making the gift. Option 3; Plan for Inheritance Tax While you can not pay Inheritance Tax in advance, you can plan for it during your lifetime. It is quite an easy exercise to undertake, with our help.  Our Inheritance Tax planning service is a comprehensive service that may require assistance from other professionals.
The first step in the process is to look in to your personal circumstances. This will include a comprehensive evaluation of your assets and liabilities. Included in this comprehensive review will be the requirement to look at how any investments, pensions, life assurance, and death in service benefits are established. The process may involve re-drafting your will, the cost of which is out of our control. Our solutions may involve the re-structure or re-writing if existing plans/policies to ensure that they are working in the most Inheritance Tax efficient way possible. |
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