Inheritance Tax Planning

Wills, Trusts and Probate

Ensure Your Wealth is Passed Onto Your Loved Ones

It comes as a surprise to a lot of families when they have lost a loved one and end up having to pay inheritance tax on their estate. When you have worked hard your whole life to build up your assets, you will want to ensure that your wealth is passed onto your loved ones. In order for this to happen you will need to ensure that you have taken appropriate advice before it is too late.

Inheritance tax is not just applicable to wealthy families. With house prices ever increasing, the value of your house could easily take your estate into the realm of liability, especially for those who are not married and/or do not have any children. It is important to know that the law does not cater for cohabitees and there are no additional inheritance tax reliefs available for cohabitees.

Farmers and business owners need to know what will happen to their business in the event of their death. Will their business need to be sold to pay any inheritance tax liability? There may be additional reliefs available for farmers and business owners and advice in this regard should be sought.

What is Inheritance Tax?

Inheritance Tax is a tax that you pay when you die. In the event of your death, the value of your assets will be added together and if your estate is above the reliefs available to your estate, you will pay a 40% tax on the balance of your estate that is over the available reliefs.

Who pays Inheritance Tax?

The Executors of your estate will be liable to pay inheritance tax (or Administrators if there is no Will). Spouses and civil partners are not liable. The burden of inheritance tax is usually paid from the residuary estate and is apportioned between the beneficiaries unless the Will specifically states that a gift is to be made ‘subject to tax’ then the person receiving that gift pays the inheritance tax due on that gift.

How can we help with Inheritance Tax Planning?

Our team of lawyers have many years’ experience and can discuss your estate with you including the inheritance tax thresholds available to your estate. In addition, we can provide you with the appropriate advice to help reduce or quash entirely any liability to inheritance tax.

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