Wealth and Inheritance Tax

When it comes to wealth, it takes a lot of deal and effort to build it up unless you get lucky and win the lottery for instance, or have some overpaid job running a tracker or hedge fund!

One thing that is frustrating about wealth is that when you have it - unless you are seriously wealthy - it is very hard to protect your assets for future generations. We speak, of course, of inheritance tax at a vicious 40% above a level of approximately 260,000 - so if you have a house worth that amount or close to it then you seriously need to plan for IHT or your estate can be at serious risk as a result.

There are many options that you can look to use and it is worthwhile taking the time to speak to a specialist adviser on Inheritance Tax about these matters.

For instance, options to discuss include the possibility of owning a house as tenants in common - and also there are many types of trust mechanisms that may be suitable for you - again speak to an adviser to understand these and their implications in more detail.

The bottom line - don't take a passive attitude to inheritance tax if you want to protect your wealth for future generations of your family and save them the hassle and often heartache of having to face a massive bill - before they actually inherit the estate to pay it!