For most of us that are married, it is no longer necessary to engage in complicated and sometimes expensive arrangements to avoid or mitigate Inheritance Tax.
These schemes have often been such as to actually or potentially compromise one’s own (or one’s partner’s) long term financial security and independence.
Provided a surviving spouse is the beneficiary of the estate of the pre-deceasing spouse, and if there have been no substantial lifetime gifts by either partner, then the estate of the surviving spouse will qualify for double the exempt slice from Inheritance Tax applicable at the date of the surviving spouse’s death.
To ensure that all relevant aspects of your own circumstances are taken fully into account, you may consider it advantageous to confer with us in regard to this aspect, in conjunction with the making or reviewing of an existing Will.
If detailed advice is required concerning potential liability for Inheritance Tax, it will be appropriate for you to seek advice from your accountant and/or tax adviser, as well.
