INHERITANCE TAX PLANNING
It’s important to remember that when you die your estate could be subject to Inheritance Tax (IHT) if it’s worth more than the IHT Threshold. With careful planning you can reduce the amount payable but it can be complex. There are various ways you can reduce the size of your taxable estate, such as with lifetime gifts, trust, charitable giving and other forms of planning. It’s important to think a long way ahead.
For most people, ownership of their home does not always mean they are wealthy. Even with rapidly increasing property values home ownership usually revolves around practical issues such as having a place to live or an inheritance for children or grandchildren.
The Asset Protection Trust is designed for homeowners, especially those who live on their own, and involves the transfer of your home into a Trust.
In practice there may be a number of reasons why transferring your home into a Trust may offer valuable benefits, one of which is the option to ensure the home that you have paid for over the years passes to your family and friends as you intend it to.