Inherit and bequeath

If you have something to leave, you should think about who will inherit and what the inheritance tax consequences might be.

The amount of inheritance tax is by no means set in stone – those who deal with succession early in life can still influence the outcome.

• Who are the heirs?
• What tax rate will apply?
• What exemptions can be claimed?
• How should business assets be valued?
• How can pre-inheritance gifts help to save tax?

Succession planning is not part of day-to-day business. Just in case, it should always be reviewed and adjusted if necessary.