Death. Taxes. Even though 4% of UK estates are charged inheritance tax (IHT), here are some financial planning tips so you can ensure you leave a legacy for your family. And not just to HMRC!

1. IHT
planning
tips

2. There's no guarantee
that you'll put the 'fun'
in 'funeral'...

3. But have you thought about
what you will leave to them
when you're gone?
?

4. An endearing legacy?
...or a hefty tax bill?

5. Here's some tips to get you thinking

6. Have a plan Want to ensure assets are divided equally
between everyone as much as possible?
Make sure you have a will in place at the very
least to prevent potential problems.
Doing absolutely nothing means the taxman
gets 40% automatically before anything else is
divided up

7. Give a gift to charity
Give 10% of your total assets away and your IHT
tax bill on your estate drops from 40% to 36%

8. Give gifts to others
Your annual gift allowance is
£3000 per year.
You can also give as many gifts
with a maximum value of £250
as often as you please.
...but not to anyone who has
already received a gift from
your £3000 allowance.

9. However, gift giving must be final.
You can't try the old trick of gifting and then keeping the asset on your wall, shelf or
cellar for 'safekeeping'...

10. Watch out for property tax!
Don't forget that gifting property could also
trigger additional capital gains tax.
That holiday cottage could end up costing your
family!

11. ISA allowance
If you leave your ISA to your surviving partner, it is
exempt from IHT. However, any other beneficiary
would be taxed...so be careful!

12. Topping up?
If you are looking to pass on surplus income, you could
pay into a family member's pension pot or pay more
into a life premium insurance policy as this is classed
as a 'normal expenditure out of income' exemption

13. Trusts
If you have several significant assets you want to pass onto several
persons then you may want to look at putting them into a trust.
There are several types available depending on your needs, and the amount of
IHT can vary depending so you'll need to speak to both a financial advisor and a
solicitor.

14. Go on a spending spree
It's your money.
Why let it sit around to be taxed at 40% when
you can enjoy it now?

15. Don't forget to keep receipts or any
documentation that proves a transfer
of assets...
...and lastly