How can I minimise the value of my estate for IHT purposes?
You cannot be taxed on money that was never yours. It is sensible to ensure that as much as possible is outside your estate. Check that all current or new life insurance plans are written under an appropriate trust. Your existing life policies could be transferred into such a trust. If your employer pays a death benefit, complete a nomination form and make sure any money goes directly to the person you choose and not into your estate. It is also worth thinking about legacies you receive. Someone who benefits from a legacy could divert that gift to another person. You can apply for a ‘deed of variation’ within two years of the death of the giver. Q: What are the effects of getting married? A: Anything you pass on to a spouse (the same concession applies to same-sex couples who register under civil partnership laws) is free of IHT. However, legacies between unmarried couples are not tax-free. This may become a significant issue when a couple jointly own their home, which could lead to so
