Why do we need to know the total estate value?
There are many reasons why we need to know the total estate value when setting up a Trust, including:
• Ensuring access to Residence Nil Rate Band (RNRB) and entitlement to the RNRB allowance
• Allowing you to be able to carry out inheritance tax planning and ensuring you’re using the correct Lifetime Trust.
Note: Every ten years, a Lifetime Trust is valued to see if it’s still within the NRB allowance.
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trustdocs ltd. does not provide tax advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on, for tax advice. If you require tax advice you should speak to an accountant or tax specialist.