Inheritance tax (IHT) is a tax on your estate when you die and is also sometimes payable on trusts or gifts made during your lifetime. This includes the total of everything you own and a share of anything you own jointly. Things that might count towards your estate include:

•Property.
•Investments and savings.
•Insurance.
•Pension fund(s).
•Certain gifts or assets held

At Sterling & Law, there are a number of things we can do to help you to reduce your family’s tax bill.

• Write a will – an effective one could help to reduce your inheritance tax bill.
• Understand your exemptions – there are a number of these you can use to reduce the value of your estate. For example, moving assets between spouses or civil partners.
• Consider gifts – if you can afford to give away some of the assets you own, it may be possible to reduce the size of your estate.
• Use life assurance – a life assurance plan will not actually lessen the inheritance tax bill but the proceeds could be used to help pay the bill on death.
• Create trusts – if structured carefully, trusts can help to reduce or even eliminate your inheritance tax liability.