When should I start Inheritance Tax Planning?
The earlier you focus on estate planning, the longer you have to organise your affairs in a tax-efficient way. For example, any gifts that are given IHT planning within the seven years before your death can be subject to Inheritance Tax non uk citizens. As such, you would ideally have made your IHT plans long before this period. Estate planning is not a high priority if your total estate is worth less than £325,000 (or £650,000 as a married couple) and you do not see your estate increase in value. If your estate is approaching or already over £325,000, then you need to make time to consider your options.
