How tax needn't be taxing

Anyone thinking that inheritance tax is a headache solely for the wealthy should think again. Every year more people are finding that their personal estate is valued in excess of the current inheritance tax nil-rate band (NRB) of £325,000. When they die, anything valued over and above this amount could be taxed at a rate of 40%. So, if a person leaves behind an estate (their home and investments, for example) worth £500,000, without any inheritance tax planning in place the taxman will help himself to £70,000 of that estate. This could mean serious financial hardship for the family...