London, United Kingdom (PressExposure) April 14, 2009 -- Changes in the law regarding inheritance tax means that millions of UK residents could end up paying considerably more in death duties and inheritance tax.
If you own property and other assets you should check out the latest rules and regulations to ensure that you know exactly what you entitlement is.
By taking action now you can make sure that you protect as much of your estate as possible for your families future. Proper inheritance tax planning is imperative if you do not want to end up paying more than you need to the tax man.
There are many options other than spending it all before you go, although that is a choice you can make.
Sean Williams said "Every day we hear of more cases where people have made inadequate provisions and end up with major headaches and massive tax bills" he went on to say "So many people think that because they have a will then they are fine, but constant changes in the law as well as the circumstances of the individual or family means that regular reviews must be made and regular checks of your inheritance tax planning to make sure you get the full benefit of the tax relief available to you and your family".
There are many ways to protect your assets and wealth and pass them over to the people that you choose to as opposed to paying a substantial amount to the exchequer in death duties..
Trusts are commonly used to protect assets but this may not necessarily be the right thing to do other techniques like generation skipping can be used very effectively to negate tax liabilities.
The one thing that you really must do is take professional advice and speak to an expert on inheritance tax planning and find out whether you have done all you can to secure your wealth.
It is not just the laws that make a difference it is your situation now and remember that the value of your assets are continually changing just like the tax laws related to inheritance tax.
So, do yourself a favour and either study the new regulations, add up the total of all your assets and ensure they are being handled in the best possible way or get the assistance from an expert who will advise you on the latest rules.
Don't leave it until it is too late as your family really can lose out and worse than that the government will get their hands on your hear earned cash and you wouldn't want that would you?
For more details on the changes on inheritance tax planning you can get the free guide from http://www.PorterBrown.co.uk