Inheritance tax explained Inheritance tax checklist

Checklist

• The main ways to avoid IHT are to spend your money while you are alive or give it away

• Work out how much IHT might be due on your estate and regularly review it so you know what you're up against

• Find out if the new rules apply to you - IHT may no longer be a problem

• If you set up special wills to deal with IHT go back to the firm that set them up to see if they are still relevant

• Make full use of any tax-free gifts you can make whilst you are alive

• Put life insurance policies under trust

• If there's going to be a big IHT bill, think about taking out an insurance policy under trust for your heirs to pay the bill

• Make a will if you don't have one - otherwise the people you want to inherit may not

• Never take steps that might leave you struggling for money while you are alive in order to save tax after you've died

• Remember - IHT is really someone else's problem, not yours