“There are two things that are certain in life – death and taxes.” (Benjamin Franklin) Inheritance tax planning touches upon both of these.
Arising after the death of a loved one, inheritance tax can be a hard thing to deal with. But some of the pressure can be mitigated by preparing properly and pre-planning. Whether you are thinking how you can leave as much of your estate as possible to your family, or you’re a relative who fees that inheritance tax planning is something to be considered, Simply.Law can help.
Our inheritance tax planning solicitors are experts in tax law and inheritance issues. We can help you make sense of what can be a confusing set of rules and precedents.
What is my estate?
Upon death, a person’s estate is calculated by the Government using assessments based on money and assets minus the sum of any debts. Whatever figure is leftover is the estate. The inheritance tax threshold currently stands at £325,000 and any estate on or over this has 40% inheritance tax levied upon it. This figure is reduced slightly to 36% if a 10% donation has been made to charity.
Simply.Law member solicitors are extremely experienced in the field of inheritance tax planning and, although we understand that it can be a hard subject to consider, can assist you in all pertinent issues. Skilled tax planning solicitors can help mitigate IHT and will help you plan your legacy to ensure the maximum possible wealth can be passed on.
Simply.Law and inheritance tax planning
Some professions are exempt from paying inheritance tax, such as firefighters, police and members of the Armed Forces. There are also exemptions for married couples and if you have gifted a sum of money. However, there are a complex set of rules around when, who, what and why – and knowledge is key. At Simply.Law we can match you instantly with a lawyer from a selection of inheritance tax planning solicitors who will be able to tell you if any exemptions apply and the best way for you to proceed.
Inheritance tax planning can enable an enormous saving. If you’ve worked hard all your life for your money – then it’s time to make your money work hard for you.
Simply.Law member solicitors – inheritance tax planning made more simple.
