You may have heard that money that is inherited from a loved one requires that you pay a tax. It seems like no one can get around paying taxes for everything they get these days. There are ways to get around this tax, however, if you’re willing to get some inheritance tax advice and free law advice from a professional. This way if you plan on leaving money for your relatives or loved ones when you pass away, they won’t be stuck with a hefty tax to pay. One of the best ways to do this is through a trust fund. You can make your own stipulations regarding when and how the money can be taken. If you set it up and store the money there, the tax laws don’t apply to it. That way you know they are getting what you leave without any problems.
Something else to keep in mind is that wedding gifts are exempt from the inheritance tax. That’s not the only thing, though. It’s a good idea to seek out professional advice on inheritance tax because they will be more thorough, but here are some examples. A gift that’s under the amount of $3,000 will not require that you pay a tax on it. You can choose to work this out how you feel or how your financial advisor suggests. Also, there is a time limit on certain gifts that are of high monetary amounts. If the money was handed down seven years before your death, the tax will also be excused.
Making sure your loved ones are taken care of after you die is important to many people. If this is something that you feel is important, look into getting inheritance tax advice. Otherwise your gift may turn into a burden for the ones you love. Don’t leave them in the dark with a gift that has a price tag.