UK families are becoming increasingly inventive in their efforts to thwart the ever-unsatisfied taxman. This is especially true as the inheritance tax is bringing in record levels of funds to Her Majesty’s Revenue and Customs (HMRC). As part of this avoidance effort, some have turned to purchasing life insurance policies to help their beneficiaries pay taxes due after their demise. There are a number of plans available depending on need, but they each come with potential risks. It is best to seek out the advice of an estate or financial planner to determine what plan is best for you.
See Sam Brodbeck, Should You Insure Against an Inheritance Tax Bill? This Is What It Costs, The Telegraph, September 2, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
