Leaving assets to your dearly beloved may be something many of us aspire to do after we have gone.
However, without correct and proper advice, this generous gift could become something of a burden.
You may have seen that the Earl of Lonsdale has recently placed Blencathra up for sale for around £1.75m.
It is a sad time when the children need to sell the family home in order to settle an Inheritance Tax bill left by mum and dad. It is even worse when someone has to sell a mountain that has been in the family for 400 years. Nevertheless, HMRC require the Earl to settle the £9m Inheritance Tax Bill within less than 18 months.
With professional estate planning and financial advice, this could have helped keep the mountain in the family name along with all the benefits that go with owning the mountain, namely; use of the title “Lord of The Manor of Threlkeld”, the family’s own coat of arms and grazing rights for 5,471 ewes, 732 hoggs (young sheep) and 200 lambs.
It’s a common misconception that estate planning is for the ultra-wealthy. But with the Nil Rate Band fixed for a number of years now (at £325,000 for single people and £650,000 for married couples), more and more estates are becoming liable to Inheritance Tax.
If leaving assets and legacies to your loved ones is something you wish to do, it is worth starting the planning as early as possible.
What are you waiting for...? Talk to a one of our friendly specialist advisers today. Call: 01539 725855