Smythe LLP’s Post

Navigating Inheritance Tax (IHT) in the UK: Inheritance Tax (IHT) can significantly impact beneficiaries if not planned carefully. From thresholds and gift rules to reliefs like Business Property Relief (BPR), IHT planning is full of complexities. Understanding how these elements interact is essential to minimize tax liabilities and secure your family's financial future. Key areas to consider: Nil-rate band & residence relief Gifts & the 7-year rule Business & Agricultural Property Relief Trusts & cross-border estates Proper planning is essential. Don't leave it to chance! #IHT #InheritanceTax #FinancialPlanning #EstatePlanning #TaxAdvice

Make sure HM Revenue and Customs doesn't take more than their fair share when you pass away! With good advice and careful planning, you can minimise the impact of Inheritance Tax on your estate. Make sure your Will is in order, use lifetime gifts wisely, and consider creating a tax-efficient fund for your beneficiaries. Don't let your hard-earned assets go to waste - plan ahead today. Read more: https://bit.ly/4bamHKb #InheritanceTax #TaxPlanning

How does an excluded property trust save tax for UK non-domiciles? Are you a UK non-domicile with offshore assets? Learn how an Excluded Property Trust (EPT) can help you: - Avoid UK Income Tax, Capital Gains Tax (CGT), and Inheritance Tax (IHT) on offshore assets. - Borrow from the trust tax-free, keeping assets outside UK tax jurisdiction. - Protect your legacy for UK-domiciled beneficiaries while shielding assets from divorce risks. Ideal for those nearing deemed domicile status or with non-domicile parents planning to leave assets to UK-based heirs. Discover how to set up this powerful trust and unlock significant tax savings. Read the full guide to learn more! #InheritanceTax #TaxPlanning #OffshoreTrust #ExcludedPropertyTrust #FinancialPlanning #NonDomicileTax #UKTax https://lnkd.in/dNJpRWyt

In today’s global economy, it is increasingly common for Americans, whether living abroad or stateside, to receive an inheritance from a non-U.S. person. Inheriting foreign assets is complex and requires the guidance of an experienced estate planning attorney to avoid significant taxes and penalties. #estateplanning, #taxplanning, #foreignassets, #inheritance, #texastrustlaw

In today’s global economy, it is increasingly common for Americans, whether living abroad or stateside, to receive an inheritance from a non-U.S. person. Inheriting foreign assets is complex and requires the guidance of an experienced estate planning attorney to avoid significant taxes and penalties. #estateplanning, #taxplanning, #foreignassets, #inheritance, #texastrustlaw

Navigating Death and Taxes: What You Need to Know Understanding how your assets will be taxed after death is key! Check out this #CPA Canada article for insights on: 🔹 Income Taxes: Assets are treated as disposed of at fair market value, though transfers to a spouse can be tax-deferred. 🔹 Probate Fees: These vary by province, from a flat fee in Alberta to higher percentages in Ontario. 🔹 Scenarios: With or without a will and surviving spouse affects how taxes and distributions are handled. http://surl.li/txuokl Plan ahead to manage these financial matters effectively. #EstatePlanning #TaxTips #FinancialPlanning #Probate #IncomeTax #CanadaFinance #WealthManagement #PersonalFinance #FinancialAdvice

💼 Inheritance Tax on Residential Property: What You Need to Know 🏡 🎬 Planning for Inheritance Tax (IHT) on residential property can be complex. In this video, I explain how property is taxed under IHT and share strategies like gifting property to children or trusts to help mitigate the 40% IHT charge. If you’re a homeowner or property investor looking to protect your assets for future generations, watch the video and feel free to reach out with any questions! #EstatePlanning #InheritanceTax #IHT #PropertyInvestment #FinancialPlanning

Inheritance Tax is a significant concern for many families in the UK. With frozen thresholds and increasing property values, more estates are subject to this tax. 💰 IHT in the UK is levied on estates valued above the threshold of £325,000, a figure that has been frozen since 2009 and will remain so until at least 2028. With this in mind we believe that proper estate planning is important. Our latest blog cover topics: ✔️ Current landscape of IHT in the UK ✔️ Estate Planning ✔️ Lifetime Gifting & Trusts ✔️ Thoughts from our team Read the our blog now: https://bit.ly/3xMSHFK #InheritanceTax #UK #EstatePlanning #EstateAdministration #Probate #Blog #Trusts #ProfessionalAdvice

Estate Planning is essential, especially while you are well and able. 🏠💰 This blog should help you think about the options available... but in short, get a Will and speak to Financial Advisors. 😉 #inheritancetax #estateplanning

Did you know Canada doesn’t impose a direct inheritance tax on beneficiaries? While Canadians don’t pay taxes on inherited assets, there are other tax implications to consider. For instance, the deceased's estate may face capital gains tax on property or investments. Plus, probate fees vary across provinces and can affect estate value.   Learn more - https://shorturl.at/CB7Zo   #CanadaTax #InheritanceTax #EstatePlanning #FinancialPlanning #CapitalGains #CanadianTax #ProbateFees #TaxPlanning #CanadaProbateFees #MIPP #MiPropertyPortal #PropertyManagementSoftware #PropertyManagement #PropertyManagementSoftwareInCanada #CanadaRealEstate #PropertyManagementServices #PropertyManagementSystem #PropertyManagementSaaS #BestPropertyManagementSoftwareInCanada