FACT SIX:

Good advice is worth getting. Several other tax-saving strategies do exist but they are complicated and rarely written about in the financial press. So if you think you may face a bill it can pay to find a tax adviser who specialises in inheritances. One thing they may be able to advise on is the way you own your home.



Most couples own properties jointly – so the survivor gets full ownership when the first partner dies. But in tax terms it can be better to own the house as tenants in common – that way you can each give away your share on your death. The surviving spouse or partner not only gets to stay in the property but will have a reduced estate on his or her death so the tax bill can fall again. Loan Trusts are another complex way to avoid tax – they involve giving up the growth potential of some assets while retaining some access to them in emergencies. They are also complex to explain and understand – so once more it will pay to see a specialist.