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Inheritance: Make sure yours goes boom not bust
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Inheritance: Make sure yours goes boom not bust

News Desk
News Desk
January 31st, 2023
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Leave something to charity

If you leave a sum of your inheritance to charity, then this will bring down the final total of your inheritance. However, in order to take advantage of this benefit, you will need to leave at least 10 per cent of the estate that you inherit to a charity. This can be any charity of your choice or, if you prefer, you might want to split the donation across a number of charitable organizations. By doing this, it means that your favourite charity will benefit as well as you.

Speak to an accountant

It’s worth hiring a high net worth accountant if it looks like you stand to amass a large sum of money through inheritance. They will be able to give you some very explicit advice on how you can bring down your tax bill. It might be difficult for you to do so on your own if you inherit such a huge amount. Not only that, though, but they will be able to give you investment guidance and some tips on how to manage your new sum of cash.

Buy a life insurance policy

Another way to bring down your inheritance tax bill is to get yourself some new life insurance. Ok, so this won’t help to reduce the inheritance tax bill, but it will make it easier for your family to continue with payments if anything were to ever happen to you unexpectedly. That’s because the insurance will pay out and ensure their financial security.

As you can see, there is a lot that you need to take in and process when you inherit part or all of a deceased individual’s estate. Hopefully, this blog post has given you plenty of useful information.

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