What assets are exempt from inheritance tax?
An example of an AI chatbot conversation about inheritance tax exemptions.
What assets are exempt from inheritance tax?
Certain assets are exempt from inheritance tax, including life insurance payouts, gifts made more than seven years before death, and some trusts.
Are there any specific limits on these exemptions?
Yes, for example, the nil-rate band allows a certain amount of your estate to be exempt from tax, which is currently £325,000 in the UK.
What about property? Is my home exempt?
Your primary residence may qualify for additional reliefs, such as the residence nil-rate band, depending on your circumstances.
How can I ensure my heirs benefit from these exemptions?
It's advisable to consult with a financial advisor or estate planner to structure your assets effectively and maximize exemptions.
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