Want to protect your assets for your loved ones? 3 Things to consider before engaging with a tax adviser
You may be considering engaging with a tax adviser as you are wondering what you can do, if anything, to protect your assets for your loved ones after you die, and ensure they receive most of your hard earned asses versus the taxman. More of us are now required to do inheritance tax planning as the value of our homes and other assets have grown and we are have surpassed the tax free threshold of inheritance tax.
The 3 things you need to consider before engaging with a tax adviser to help with inheritance tax planning
Number 1: Understand your current assets
Before engaging with a tax adviser, you should have a clear understanding of your current assets and how they are structured. This includes identifying any assets that may be subject to inheritance tax, such as property, investments, and life insurance policies.
Gathering an overview of all your assets will provide your tax adviser with a clear idea on your tax position and be able to advise accordingly.
Number 2: Who will receive your assets?
Whoever is set to inherit your assets will be the ones who are liable for any inheritance tax after you die known as the beneficiaries. Of course, there maybe more than one beneficiary, so you will need to consider how your assets will be distributed between them. In the process, you may want to consider the potential issues that may arise with the distribution of your assets, as disputes amongst beneficiaries could happen.
Number 3: Understand the rules
Tax rules do change frequently, so it is important to understand that even when you have a plan in place, you may need to review it regularly in line with any change to tax laws. Getting a good tax adviser on board who you have a relationship with for the long-term will mean you can plan for your desired outcome as much as you legally possible.
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