On the first death the surviving spouse acquires assets at market value. No Capital Gains to pay.

Make gifts now and if you have a substantial estate, currently in excess of £325,000, you may save inheritance tax. As long as you live 7 years after making the gift no inheritance tax will be payable.

Give away up to £3,000 in any tax year, £6,000 if you did not use the previous years exemption, with no inheritance tax consequences.

Transfer assets to your spouse and pay no capital gains tax, inheritance tax or income tax.

Gifts to the happy couple! Up to £5,000 by a parent, £2,500 by a grandparent, and £1,000 by anyone else, can all be given to the future bride and groom with no inheritance tax charge.

Charitable gifts, either during your lifetime or when you die are free of inheritance tax.

The courts may have to decide who looks after your children, and the Inland Revenue may take an over large bite out of your childrens legacy.

Speak to your independent financial advisor about the costs of covering any potential inheritance tax with life insurance.