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Using the Wealth Tracker to help reduce the IHT tax bill

Tony is several years into his retirement with a loving partner; they have recently moved in together into his partner’s home and they have been enjoying life despite the recent disruptions caused by Covid.

We met recently to talk about his tax return and I raised the subject of his inheritance tax (IHT) position asking if he thought he was ok on this; Tony confidently said yes he thought he would owe no inheritance tax on his death. So to be sure I went through all his financial assets, noting that he wasn’t married and that he had no children, having been a happy bachelor all his life. Quickly adding up his assets I worked out he would owe £80,000 in inheritance tax if he took no action!

We agreed that it would be a good idea to meet to talk about next steps to remove/reduce the tax bill. The first step will involve us going through a Wealth Tracker together, jointly with his live in partner, who it seems has the same IHT problem as Tony does and by looking at their personal objectives and their total financial position come up with a bespoke written action plan. It’s never too late to reduce your IHT tax bill…….

Do you know for sure that you would owe no inheritance tax on your death? If not, contact us to talk about the Wealth Tracker