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    During our first twelve months with Opus Janet has improved our investment portfolio, including our pension funds and Inheritance Tax liabilities. We would recommend Miss Allen to act as an adviser for all financial affairs from the cradle to the grave.

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Inheritance Tax Planning

Inheritance Tax (IHT) has been described as a voluntary tax paid by those who distrust their heirs more than they dislike the Inland Revenue. Yet, more than £2bn per year is collected in IHT by the Inland Revenue.

You don’t have to be super rich for your estate to be subject to IHT after you die. Currently IHT is levied on everything you leave over £325,000 (20011/2012). This includes more than just your home but also the following items which can quickly add up:

  • - Your investments and savings.
  • - Your car.
  • - Your furniture and personal effects.
  • - The proceeds of your life insurance (unless it is written in trust)

The rate of IHT is 40% for everyone. The tax is paid by those who inherit – and is deducted from the estate on death – so Inheritance Tax is relevant whether you stand to gain an inheritance or you plan to leave one.

There are many ways in which you can deal with an Inheritance Tax liability. It should be noted however that the most efficient and effective planning needs to be done before death.

The best way to ensure you are minimising the amount of any possible Inheritance Tax is to see an IFA. There are a number of areas to consider with regards to Inheritance Tax planning and Opus will advise which would be most suitable. We will assess your individual position, your plans and your goals, and provide you with an in depth calculation, together with a structured solution which is unique to you.

We work with you to establish these criteria and can work in partnership with your existing advisers such as your accountant, solicitor or tax adviser to create a detailed strategy and ensure that any recommendation works in conjunction with any will planning that you already have in place.

At Opus, our aim is to help you to achieve your objectives for your Inheritance Tax planning, whether it be making adjustments to your existing arrangements, or considering options which are more suitable to your current needs. As with everything else we do, our advice on Inheritance Tax will be provided on a completely independent and impartial basis.

NOTE: The Financial Services Authority does not regulate tax or estate planning.

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Case Study

Jean is widowed with two grown up children

She has assets of £1,750,000 and an IHT liability of £440,000. She wanted to arrange some IHT planning but also needed a secure income to cover potential long term care needs. Click here to see how we helped.

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