Inheritance tax (IHT) is becoming an issue for an increasing number of people in the UK. None of us likes to entertain the thought of our own death and what would happen to our family after such an event. However, a financial plan for your death is vital, especially if you have dependants.

The best gift you can ever make to your grandchild or grandchildren this festive period will have a longer-lasting impact

Your grandchild or grandchildren may want the latest toy or gadget this Christmas, but how about giving them a present that can help their financial future? UK tax laws allow children to receive pension contributions of up to £3,600 a year from the moment they are born.

By establishing a trust, you could protect your assets for future generations and protect your family business, in addition to offering charitable and other social benefits.

Transferring assets can seriously improve your wealth

Current rules mean that the survivor of a marriage or registered civil partnership can benefit from up to double the Inheritance Tax threshold – £650,000 in the current tax year, in addition to the entitlement to the full spouse relief.

Passing on assets without having to pay Inheritance Tax

A good estate planning and protection strategy can provide you and your family peace of mind that provisions are set in place for the disposal of your estate upon your death, securing your assets for the benefit of your heirs. Many people are surprised at how large their estate would be if they take into account the value of their home, life insurance policies not written in an appropriate trust and in some cases death in service benefits.

Without proper tax planning, could you end up leaving a huge tax liability?

In order to protect family and loved ones, it is essential to have provisions in place after you’re gone. The easiest way to prevent unnecessary tax payments such as inheritance tax is to organise your tax affairs by obtaining professional advice and having a valid Will in place to ensure that your legacy does not involve just leaving a large inheritance tax bill for your loved ones.