How Do I Plan My Affairs To Reduce Inheritance / Gift tax in the Future?
Step 1- List out all your assets and their estimated value. Deduct any mortgages or liabilities from the value of the assets.
Step 2- Decide who you would like to leave your assets to. Remember as a short term measure assets left to your spouse are completely free of tax.
Step 3- Examine the special tax reliefs available for certain assets e.g. residential property, business assets and agricultural property.