Life insurance is like all financial assets subject to inheritance tax implications.

When we pass away all financials, assets and savings would be placed into a process called probate (on cases larger than £5,000) This is where the sum’s of monies can be investigated and potential Tax bill’s calculated. 

If we are Married yes we get a larger allowance (double!) but each person gets £325,000 before inheritance tax is started to be charge. Two things are happening here:

A) it takes time for the calculation of probate to be run – on average 3 months. This is a long time for family to wait for their money and gain financial stability.

B) when the calculation is made, If there is a Tax bill to be paid this MUST be paid BEFORE the funds and assets can be released to the bereaved family. Again not helping the cash for for family in the difficult time.

Golden Rock Solutions has a number of solutions to this, when we create life insurance we can add the protection into “TRUST” this negates the inheritance Tax process probate – families get the money in approx. 10 days. Again with no Inheritance Tax or waiting!.

More over we can work with families to look at their exposure to Inheritance Tax so that when there are changes in the future the family does not need to pay the tax!

This “FREE” Advice is just a step away please get in touch for more and better protection for your family

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