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| What
do I need to consider? You must think about the following: 1. The value of your assets now, and how this may change as time goes by 2. Your own financial security 3. Your family's future needs What about my financial security? You need to make sure that you and your spouse are properly provided for, particularly in retirement. It would not make sense to give assets to your children only to find that in later life you need to ask for some or all of them back! And what about my family? You need to think about what degree of control you would want your children to have over any assets you may transfer to them. You also need to work out how much your spouse would need if you were to die first. This would, of course, have to be reflected in your Will. In addition, you need to find out the intentions of parents or elderly relatives about their own assets. How does IHT affect my business? In general, a business you control will attract business property relief of 100%. In other words, your business can be passed on with no IHT being paid. Assets owned by you but used by a partnership in which you are a partner, or a company you control, attract business property relief of 50%. Similar reliefs apply to agricultural property. |