Inheritance Tax Planning
After your death, Inheritance Tax is the tax that is due on any Estate valued over £325,000 (£650,000 in some cases, following changes regarding the increased threshold of married couples and civil partners that came into effect in October 2007).
Inheritance Tax is charged at 40% on all your assets over and above this threshold, and can include things like property, possessions, insurance policies and investments. You should also be aware that an estate can also include any of the deceased’s assets that are held in a trust and any gifts that the deceased may have made during their lifetime. However with carefully considered planning, it is possible to reduce the burden of Inheritance tax.
How We Can Help You
Our Inheritance Tax solicitors help create tax efficient Wills and Trusts, protecting clients wealth and transferring maximum gain to intended beneficiaries. We can provide all the advice you need on various inheritance tax solutions, exemptions and reliefs and can implement various strategies to protect your estate including:
- Intricate Wills structures to include property and discretionary trusts
- Advice on efficient use of annual exemption allowances
- Lifetime gifts to trusts and individuals
- Nil Rate Band Planning
Inheritance Tax is a broad and complex area of law and it is advisable that you seek the advice of a specialist to assess your estate and any potential tax charges that may apply.
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