IHT is currently payable at 40% of the value of assets on death in excess of £325,000. This will be paid by the beneficiaries of your estate.
If you own your primary residence then you may also be able to benefit from the additional residence allowance where up to £1m can be left tax free to certain types of beneficiary over a phased period.
A Discounted Gift Trust can be very effective for people who want to retain a lifetime income stream (and potentially reduce their immediate IHT liability subject to health)
Loan Trusts can be attractive to clients who want to retain access to the original capital.
For clients who want to retain complete control of the capital and income then a life assurance policy written into Trust may achieve this objective.
We can calculate your likely IHT liability and explain the various options. Avoiding IHT can be easier to achieve than most people think.