Handing Over Unnecessary Inheritance To The Taxman
Is The Taxman or Your Loved Ones The Main Beneficiary Of Your Estate?
Let’s face it. You’ve paid taxes all your business life .Why pay more or incur penalties when you’re gone? When there are a number of simple steps that can be taken to reduce or eliminate it.
Very often, our attitude might be that the family or kids would sort it out when I’m gone. But let’s assume your estate is worth £800,000. Included in this is the value of your business which stands at £100,000. If you do nothing or leave everything to your spouse, did you know that you could be handing over a minimum of £40,000 to the taxman?
Without planning the taxman has become one of your beneficiaries. Depriving the kids of their inheritance or their private education. Is this what you intended?