Understandably, you want to pass as much of your wealth on to your children, grandchildren or other beneficiaries as possible when you pass away. After all, you’ll have worked hard throughout your life building your wealth. You’d obviously rather it goes to your family rather than the taxman. There are ways to help that happen, but it’s important to plan ahead. In 2020/21, more than £5.3 billion was paid in Inheritance Tax (IHT) to HMRC (Source: HMRC). With house prices continuing to increase, and after a long period of investment growth, it’s likely that this figure will go up in future years. More and more people will likely find the value of their assets eaten away by tax. Another contributory factor is the announcement by the chancellor in his 2021 Budget statement that the IHT threshold is to be frozen at £325,000 until at least 2026. This is estimated to impact 11,000 estates each year. If you’re looking for practical suggestions to protect your family’s future, and ensure they don’t pay more IHT than they need to when you pass on, then this guide is for you. Here are eight steps you will likely want to consider to make sure your estate is set up as tax-efficiently as possible. We would strongly recommend that you seek guidance from one of our experienced estate planners. Remember, all the steps we’ve listed here are generic, whereas we’ll consider your financial position in detail and create a bespoke plan to suit your circumstances. The amount of IHT paid has more than doubled since 2009/10 (Source – statista.com) Ensuring your that you have taken the right steps during your life means that your family will inherit more of your wealth when you’re no longer around. To find out more about our services, and how we can help you, please get in contact. [email protected]  01942 889883