The latest survey indicates the majority of homeowners with large estates are unaware of how much inheritance tax they could be liable for.
Flagstone commissioned Censuswide to carry out this survey and it reveals an alarming lack of estate planning. A total of 70% of the people surveyed who have estates valued at higher than the current threshold for inheritance tax have not worked out how much would have to be paid after their deaths. The threshold above which this tax must be paid out of an estate is set at £325,000 at the moment.
This is particularly concerning because the number of estates that are becoming liable for inheritance tax is on the rise. This is due to a combination of the threshold being frozen at a time when house prices are going up. The need for those with large estates to contact probate solicitors in North Wales and put a plan in place has never been greater.
The survey also identifies a reason why so many are failing to do so. It suggests a significant number of them are not estimating their wealth with any degree of accuracy. Over one out of every five individuals with estates valued at more than £1 million told the survey they are just about managing.
A total of 47% of those surveyed said they were just coping financially, highlighting a gap between perception and reality.
To speak to solicitors in Bangor who can help you work out a strategy for inheritance tax, give Bennett Smith Solicitors a call today.
