In the third episode of the #TVLawyer Podcast, Melinda Giles talks to Giles Wilson Associate and STEP-qualified solicitor Caroline Woodham to discuss ways people can make savings on their Inheritance Tax.
Most people will want to ensure that upon their death, their beneficiaries receive as much of their estate as possible. Inheritance Tax is often viewed as a barrier to this, but with the right legal advice and planning, it is possible to noticeably reduce its impact and benefit your loved ones’ financial futures.
For years Caroline Woodham has been helping people unlock these savings, so the inheritance they leave behind reflects their wishes as best as possible. Here she speaks to Melinda Giles about the complexities of this tax, what steps people can take, and what problems you can avoid with professional guidance.
In this episode, they discuss:
What Inheritance Tax is and how it affects the money you leave in your will
Why giving 10% of your estate to charity reduces the amount of tax your beneficiaries are expected to pay
How a Deed of Variation can be more beneficial than gifting inherited money to your children or other loved ones
What the 7 Year Rule is and the potential complications surrounding this
The value of getting legal advice before gifting money or assets to someone
How downsizing your home in later years may not affect the Residence Nil Rate Band
The unique Inheritance Tax savings available to married couples and civil partners
Listen to their thoughts on these topics and much more – watch Episode 3 of the #TVLawyer podcast now on YouTube.