Of the many ways to mitigate an IHT liability, one of the simplest is to give the assets away and then live for a further seven years. However, most people are reluctant to do this as often they may require access to the capital at some point in the future, for example care home costs.
They may also need to use the capital to provide themselves with an income, which isn’t possible if the funds are given away.
Trusts can be used to enable you to retain control of the assets, whilst also planning to reduce the liability to IHT on your estate.
We have considerable experience of the use of Trusts in IHT planning, please contact us if you require further assistance.