Cranborne Wealth Management

Dorset Based Inheritance Tax Planning

Inheritance Tax in Dorset affects everyone. Death duties have been around for centuries, having been known successively as Estate Duty, Capital Transfer Tax and more recently, Inheritance Tax. Irrespective of the name, the object of the exercise has always been the same; to raise revenue from the estates of citizens.

Inheritance Tax no longer affects only the wealthy. It will undoubtedly come as a shock to many families in Dorset to discover that a large proportion of their wealth - either in the form of the family home, investments or even old family heirlooms - might actually have to be sold in order to meet the tax bill on death. Conversely, it will probably come as no surprise at all to learn that the Her Majesty's Revenue and Customs is always first in line and, unless a specific provision has been made, it is not usually possible to sell assets until probate has been granted.

While most people in Dorset are aware of the existence of Inheritance Tax Planning, it is a subject which few people greet with enthusiasm and many, not surprisingly, would rather delay thinking about it. In fact, so few people do anything about their potential Inheritance Tax liability in Dorset that Her Majesty's Revenue and Customs can collect up to £2.5 billion in in a single year alone.

Inheritance Tax in Dorset - Planning Opportunities

Helping you to help those who are left behind

The main motivation for most of us when it comes to helping people in Dorset with Inheritance Tax planning is the welfare of those we leave behind.

Here are three practical courses of action to minimise Inheritance Tax:

• Ensure your Will is written and planned correctly to save the maximum amount of tax (For more details, visit our Legal Service)
• Transfer assets through the prudent use of lifetime gifts.
• Create a tax-efficient fund to enable the beneficiaries of an estate to meet the tax liability without disturbing the family wealth.

Within these broad headings, a variety of methods can be used. However, no one method can, or should, be considered a "complete solution" as each person will have differing circumstances and requirements and the taxation environment can change from time to time.

Cranborne Wealth Management has years of experience in advising their clients from Dorset and beyond on passing their wealth between generations.

Please contact us for a free no obligation initial discussion about Inheritance Tax in Dorset.