{"id":1434,"date":"2016-04-14T15:41:17","date_gmt":"2016-04-14T15:41:17","guid":{"rendered":"http:\/\/www.fpgonline.co.uk\/?p=1434"},"modified":"2023-09-19T11:15:48","modified_gmt":"2023-09-19T11:15:48","slug":"inheritance-tax-nightmare","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/inheritance-tax-nightmare\/","title":{"rendered":"Are You Walking Into An Inheritance Tax Nightmare?"},"content":{"rendered":"

Inheritance Tax and Estate Planning has been in the news headlines constantly over the past week or so, with PM David Cameron and his family affairs coming under very close scrutiny.<\/p>\n

However, these are topics that affect every single one of us, and issues that will impact every family in the land at some stage of life \u2013 regardless of whether you run the country or deliver milk for a living. If you have been fortunate enough to accumulated significant wealth during your lifetime, then there are clearly important decisions to be made.<\/p>\n

None of us can take our money with us, but we can at least have some control over how our estates are divided and the tax that is ultimately paid in Inheritance Tax after we die. At the end of the day, we all want to look after our families.<\/p>\n

HMRC has just announced a record take of inheritance tax for the last tax year, with \u00a34.6bn due to be collected from the estates of thousands of people who have passed away, a figure that is expected to rise to \u00a35.6bn by 2021, as demonstrated in the chat below.<\/p>\n

\"0404-IHT-forecast-graph-1024x696\"<\/a><\/p>\n

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Estate Planning should be something we all consider, alongside ensuring adequate Pension provisions and writing a Will, and here at The Financial Planning Group, we believe that Inheritance Tax should be considered as a voluntary tax rather than an unavoidable one \u2013 by taking advice and undertaking simple but timely planning, we can all reduce or negate completely your inheritance tax.<\/p>\n

But worryingly, too many people seem unaware or reluctant to take action, and research shows that rather than being a nation of Inheritance Tax savvy individuals, a whole generation is \u201ccollectively sleepwalking into leaving our loved ones with a large and unnecessary tax bill to pay.\u201d<\/p>\n