UK INHERITANCE TAX - SPECIALIST SOLICITORS
Almost £300,000 might sound like a lot of money to leave to your family after you die without incurring any Inheritance Tax, but it is surprising how quickly your assets can add up to reach that amount. Given the price of housing nowadays, that can take you perilously near that amount without even including anything else you may leave behind you.
That is why it is always a good idea to consult a professional who has extensive knowledge about tax planning and the potential effects that Inheritance Tax can have on your assets when you die. There are plenty of ways that you can legally avoid paying a lot of it, but only a professional will know them, which means that if you make a will without professional help you stand a very good chance of depriving your family of some of the assets they would otherwise be entitled to. What’s more, Inheritance Tax kicks in at a frightening 40%, so that could be a lot of money to lose to the taxman if you give him half a chance.
The best place to begin when you are making your will is to work out just how much your assets are worth. Many people forget something at this stage, which is why getting the help of a solicitor will mean you won’t leave anything out. Something that is often forgotten is a benefit that only pays out upon your death, such as insurance your company may offer you for example.
One way that you can avoid a certain amount of Inheritance Tax is by giving members of your family sums of money as gifts each year. There is a cap on this amount but provided you live for seven years after you make each donation your beneficiaries will escape the tax itself.
While married couples can escape Inheritance Tax by leaving their entire estate to each other upon the death of one, the issues surrounding joint ownership of certain assets can be quite involved. This is why it is worth seeing a solicitor together to work out how to write wills for both people that will make the most of the tax free amounts that are available.
It is easy to think that you can escape Inheritance Tax by leaving everything to your spouse once you die, but this doesn’t mean they will escape completely. A solicitor can tell you more about how a Deed of Variation can ensure that your spouse will be able to avoid paying this tax by redistributing assets in a different manner in the first two years after you have gone.
Whatever your own personal situation may be, you might be surprised by just how much your own estate would be worth. It is also important to remember that it is likely to increase even further in value as you get older and acquire more assets which go up in value themselves, so seeking the advice of a professional can save you a lot of money in the long run.
Our expert solicitors have extensive experience in helping their clients manage their assets and affairs in the best possible way when it comes to writing their wills. You can be assured that you will receive the best possible advice for your situation, and what’s more the initial consultation is completely free of charge. This will give you an initial insight into what you should do to make sure you avoid as much Inheritance Tax as possible.
All you need to do is fill out the form on our site or call the number provided to be able to speak to one of our solicitors, to see how they can help you.
HELPLINE 0870 185 1842
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