Inheritance Tax and Estate Planning
At MacDonald Partnership, our aim is to give you and your family peace of mind, to allow you to pass on as much of your wealth as possible to your future generations.
Even though individual circumstances are unique, everyone’s goal is to protect their assets and transfer their wealth with maximum efficiency to the next generation or their preferred cause.
We use a combination of proven and effective strategies to minimise the inheritance tax burden your beneficiaries may need to pay. We can give you the peace of mind of knowing that you can provide certainty and financial security for your loved ones or your beneficiaries.
What is inheritance tax and does it apply to me?
Inheritance tax (IHT) is calculated and payable on your estate upon death. This includes assets such as property, savings and investments – even works of art, jewellery and cars. Usually, if your estate is worth more than the £325,000 threshold set by the government, you will be eligible for IHT. However, if you pass your home (your main residence) on to a child or grandchild, then the threshold may be raised, depending on your circumstances, to £500,000 or even £1 million.
Why is it important to start planning inheritance tax early?
Whatever the size of your estate is, many of us will be liable to inheritance tax and without a plan in place, settling your affairs after you go could leave your loved ones or beneficiaries with a hefty bill and paperwork. By planning ahead, you can significantly mitigate your inheritance tax bill, but also ensure you have enough money to live on and enjoy life now.
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