There are things that you can do to reduce or possibly even completely eliminate the amount of inheritance tax that you pay. The best thing to do is to get expert advice during your lifetime. Now, an estate planner can help you plan your affairs and your money in a tax efficient way to make sure that when eventually the time comes and you pass on, your loved ones pay as little or hopefully no tax whatsoever. Now, if you haven’t done the tax planning in your lifetime it can still be possible to manage your affairs and apply certain reliefs after you have passed away to again help reduce or eliminate the tax completely. But again, we would say because it is a complex area if the best thing to do is always seek expert advice from someone who knows all about inheritance tax.
