Inheritance tax is currently charged at 40% on all your estate over your nil-rate band allowance. Everyone has a £325,000 inheritance tax nil-rate band. Unless you are married or in a civil partnership, this increases to a combined nil-rate band of £650,000.

Depending on the value of your home, you may also be eligible for a further allowance of £175,000 if this passes to your direct descendants, meaning a single person could have an allowance of £500,000 and a couple could have £1,000,000. Beware though that once your Estate is worth more than £2,000,000 things get even more complex and you could only be entitled to a joint allowance of £650,000.

We aim to provide peace of mind for you and your loved ones by working closely with you to maximise your families wealth through: 

• Estate planning
• Wills and trusts 
• Tax planning,
• Pension planning 
• Legacy gifting
• Charitable giving

Many of us assume that our estate will be distributed in accordance to our wishes when we die.

However, without advance planning, this may not be the case. 

By planning ahead: 

• You give yourself and your family peace of mind
• You decide who inherits 
• You determine who get what 
• You can set up constraints or specific instructions (if for example, in the case of a person under the age of 18 
• You can give your loved ones a more comfortable future 

If you want to maximise the amount of your estate you plan to leave to loved ones, and if you have assets (house, savings, investments etc.) over the £325,000 threshold, we would recommend seeking expert advice to put your plan into place. 

To find out more about how we can help you, please contact info@servoprivatewealth.com