video phone beyonce mp3 15 Ways to Avoid Inheritance Tax in 2019

Inheritance tax itself was introduced by the government in 1986 to replace a tax which at the time was called capital transfer tax.
You can read more about this, and related topics here:

- Estate Planning - https://ukcareguide.co.uk/estate-plan...

- How to avoid inheritance tax - https://ukcareguide.co.uk/avoid-inher...

- Protective Property Trusts - https://ukcareguide.co.uk/protective-...

- Costs of Probate - https://ukcareguide.co.uk/what-is-the...

This tax is applied to the funds in your estate, which are the property and assets you leave behind when you die.

In 2019 it is set at a rate of 40%, which is applied to all assets over the current tax-free threshold of £325,000.

This is also known as the ‘nil band rate’. So, if your assets are below £325,00 then there wont be any inheritance tax to pay.

However, if your estate is worth more than £325,000 then you will pay tax at 40% on anything above this amount.

Therefore, if you do think you would end up paying inheritance tax on your estate, its onyl natural to find legal ways to avoid it.

Im going to share 15 tips with you now.

No 1 is to make a gift to your partner or spouse
When you are married or in a civil partnership you can give anything you own to your civil partner or spouse. This means that your estate will not have to pay inheritance tax on what the gift is worth.
There are rules to bear in mind with this option though, which can become more complex if your spouse or civil partner was born outside of the UK or permanently lives outside of the UK. If this is the case you should seek professional advice.

No 2 is to give money to family members and friends
You can give money or assets as gifts to family members and friends who are not classed as your partner or spouse.
However, for it to be classed as a gift, it really does need to be a gift. This means that you have to gift it outright, which means that you no longer have any benefit from it.
The value of any gift that you give will still be included in your estate value for inheritance tax purposes – but only for seven years.
After this time it is excluded from the total value and therefore cannot be taxed.
Also, you should bear in mind that you can only give away limited amounts per year – up to £3,000 annually.
Capital Gains Tax may also be payable on certain assets, which is why it’s worth discussing gifts with your solicitor or financial advisor to be completely sure.

No3 is to leave some money to charity
If you leave all of your estate to a charity there will be no inheritance tax to pay.
However, many people only wish to leave a portion of their estate to charitable causes and the rest to family members and friends.
There are still advantages to charitable donations upon death – if you leave 10% or more of your estate to a charity, the amount due on the rest will decrease considerably. This is because instead of being calculated at 40% the rate reduces to 36%.

No 4 is to take out life insurance
Taking out life insurance and directing the money into trust will not directly reduce the amount of inheritance tax you’ll have to pay.
However, it will make it easier for your surviving family members to pay the bill. The payout may prevent them from selling the family home, for example.

No 6 is to set up a Trust to potentially avoid inheritance tax on property
One issue that many people look at is how to avoid inheritance tax on property. Whilst this is a complex subject, a trust can be one way to achieve this.
A trust is a legal arrangement that enables you to give cash, property or investments to somebody else to look after for the benefit of a third party.
You can for example put savings in trust for your children – or a spouse.
There are two important roles required within a trust fund.
The first is a trustee. This is the person that owns and manages the assets in the trust. The second is a beneficiary. This is the person that the trust is set up for.
When you put items in trust they no longer belong to you – and this is where the inheritance tax benefit arises.
Setting up a trust to avoid inheritance tax does have a range of implications both for you and for family members, so it’s advisable to discuss these at length with your solicitor or financial advisor when considering the options available to you.
No 6 is to take Advantage of Business Owner Exemptions
If you are a business owner, you can transfer interest in your business to a friend, relative or business partner without being subject to inheritance tax.
This transfer can be made before or at the time of your death.

If there are any other questions you would like answering, please leave these in the comments section below and I will respond to them.
Also, please do subscribe to our channel for more informative videos on elderly care issues.
Bye for now.

video phone beyonce mp3 15 Ways to Avoid Inheritance Tax in 2019
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