Estate Planning and IHT

seb2020

[FONT=&quot]I would like to understand about estate planning and ways to minimise any taxes that my family may have to pay following my passing and I am not sure where to begin.[/FONT]

[FONT=&quot]Once I have a better understanding of estate planning and IHT I may then decide to pay to see a solicitor or regulated financial advisor but only if this is necessary.
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[FONT=&quot]Other than searching the internet are there any worthwhile books you could recommend that may give a clear overview of estate planning and IHT?[/FONT]

[FONT=&quot]I know the answer to this question is pretty obvious to many however in a nut shell, what is the required process for estate planning and minimising IHT?[/FONT]

[FONT=&quot]I have saved for retirement and own my home therefore is it a case for example of reducing assets including savings right down to “X” amount by the age of say 85?
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[FONT=&quot]I would like to think that I have sufficient money into old age and will not have to spend it all by my mid to late 80s (if I reach that age) to minimise IHT etc.[/FONT]

triplea35

I think the first place to start, if you haven't already, is the article on this site: https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/ HTH

getmore4less

First two things to understand are "nil rate band" and "residential nil rate band"

Yorkshireman99

getmore4less wrote: »

First two things to understand are "nil rate band" and "residential nil rate band"

Don’t pick an IFA or solicitor ar random. Personal recommendations are best. You ]probably need a solicitor who is a STEP member. Not cheap but worth every penny.