Frequently asked questions about Wills, Trusts and Inheritance Tax
Below are some of the questions clients ask our team. Click on the questions to find out more.
Is making a will complicated and expensive?
What is inheritance tax and how can I reduce the amount payable on my estate?
Can I change my will, and how often should I review it?
What are the main tax benefits of setting up a trust?
Who should I appoint as trustees?
How long should the trust last for?
What is the threshold for Inheritance Tax?
Are there any exemptions from Inheritance Tax?
Can I reduce my Inheritance Tax liability by giving family members their inheritance before I die?
Substantial gifts you give to family members in your lifetime are known as 'potentially exempt transfers' (PETs). In order for a PET to become exempt from Inheritance Tax, you must survive for seven years after the gift is made.
For a PET to become exempt from Inheritance Tax, the gift must also be given outright - that is you must not continue to gain benefit from the property you give as a gift. For example, if you have a holiday home which you give as a gift to a family member during your lifetime, in order for the gift to become exempt from Inheritance Tax, you must not continue to use the property as you would have prior to the gift being made.
If you are unsure about whether a gift you are considering making will be exempt, please contact our team for more advice and information specific to your situation.
My partner and I are not married - how can we reduce our inheritance tax liability?
In this Section:
How Wills & Trusts can
help with Inheritance Tax Planning
Email the team:
wealthandwelfare
@switalskis.com
