As Benjamin Franklin said, the only things certain in life are death and taxes. Inheritance tax touches on both. Inheritance tax is the tax paid on the estate, including all property, possessions and money (after inheritance tax allowances are deducted) left when someone dies. The more advance planning you can do provides more options and notice to ensure you and your loved ones receive the very best advice on how to minimise any tax implications. Money given away before you die is still usually counted as part of your estate and therefore subject to IHT if you die within seven years of giving the gift. So early planning of how to pass on your assets does play an important role. If you would like to find out more, please contact us and we will ensure you receive the specialist advice you require.