No matter what your financial situation may be, residents of Surrey and the surrounding areas should take the time to makes sure they are maximising their ability to save as much as possible on paying taxes.
At the same time, it is never too early to start thinking about estate and inheritance tax planning. Getting current and correct tax advice when you marry, have a child or children, divorce, or have other changes in life is a wise way to manage your estate not online in the present, but also for the future.
Why Planning Is Important
As property values have increased in Surrey as well as across the country, even modest estates for both single and married individuals may find their estate is taxable, which will result in an increase in the need for heirs of the estate to pay much higher taxes than in the past.
To help avoid these issues, or at least minimise the amount of inheritance tax on the property, getting informed, accurate tax advice is critical. Unfortunately, many people do not go to professionals and instead rely on information they read online or heard from a friend or family member. Not only may this information be inaccurate, but it may create a larger problem for beneficiaries in the event of your death.
Factors To Consider
When obtaining tax advice from a financial adviser with expertise in estate and inheritance tax planning, there are several factors to consider. The adviser will need to know the value of the property you own, including your residence and other investment properties.
In addition, you will need to provide other major assets of value as well as a current listing of your investments. Be sure to also include all debts, including mortgages, loans or overdrafts, credit card balances or other liabilities.
Talking to the experts at CA Financial Services will provide you with a clear picture of how to reduce inheritance and estate tax. There may be options to consider which will be very beneficial to your heirs and can save them considerably in inheritance tax burdens. You can also like their Facebook page for more updates.