Inheritance tax

[Segilla]

Depending mainly on the price of my flat, when the time comes, my estate may be over the IHT limit. Is there a DIY method of setting up a scheme to deal with this.
But I may make bequests to charities - or even let it run as the Govt needs the money.

[dzug2]

who are you leaving your estate to?

'Schemes' involve :

spend it
give it away and survive 7 years
setting up a trust of which you are not a beneficiary
buying an insurance policy (also in trust) to pay the tax
leave it (some or all) to charity

Any of these CAN be done on a DIY basis but it may not be wise to do so. Get it wrong and it's too late when it's found out.

[jake-the-peg]

Remember if you're only just over the threshold your estate doesn't pay the tax on the entire sum - just the amount that is over the allowance

[Whoever]

If you've enough money & assets in your estate to trigger the Inheritance Tax rate, why not write a Will which leaves any assets over the value of Inheritance Tax at the time of your death to the charities of your choice. They're all desperate for money in these cash strapped times and most of them will probably make better use of it than the Government!