How To Avoid Inheritance Tax On Property
|Money : Money Management|
If you have a property that is worth over the threshold on inheritance tax, around ?242,000, or your estate is above this value, then you should be aware that there could be a large inheritance bill coming your way upon death.
Therefore it makes sense to take steps to plan for inheritance tax before it is too late.
There are some things that you can do. For instance you may decide to own the property as tenants-in-common.
If you want to get 100% relief then there are other methods that you can use. For instance some properties are exempt of inheritance tax. These include owner-occupied farmlands and unincorporated businesses.
Therefore if your state is legitimately converted into one of these outfits then you can qualify for 100% relief on inheritance tax.
The bottom line: it is prudent to plan for inheritance tax well in advance, and to receive professional advice from a specialist in this area to ensure that the estate that you have worked hard to build up during your life can be passed on as intact as possible.
Questions about inheritance tax: