It can be difficult to escape the clutches of the taxman even after we have died. A rather cynical quote attributed to Benjamin Franklin goes along the lines of “Nothing is certain but death and taxes”, and, this couldn’t be more true when it comes to Inheritance Tax, which is a tax payable on the combined value of our property and assets when we die.
The Inheritance Tax on our property and assets can be payable at a massive 40% on the excess over the Nil-Rate Band (currently £325,000). While £325,000 sounds like a lot of money to many of us, in these days of home ownership and rising values of our homes, it is not always difficult to accumulate wealth, on paper at least.
Here at hpjv solicitors, our aim is to help you ensure that your loved ones are cared for when you are no longer around and to ensure that the value of your estate is protected, and tax obligations are minimised.
Planning for life after your death may be something you don’t like to think about, but, as we say on our Home Page, “Planning is bringing the future into the present so that you can do something about it now.”
Reducing your inheritance tax
The methods of reducing your estate’s Inheritance Tax obligations are not always straightforward but we can help by explaining your options to you and putting them into effect where needed. These may include, for example:
- Structuring your Will to minimise Inheritance Tax
- Setting up a Trust to protect assets
- Restructuring your plans following a marriage or divorce
- Making lifetime gifts to persons who you would otherwise have provided for in your will (these are called Potentially Exempt Transfers)
- Advising you as to your eligibility for Inheritance Tax reliefs such as Business Property Relief and Agricultural Property Relief
- Advising as to the availability of the Residential Nil-Rate Band (which is in addition to the Nil-Rate Band of £325,000).
We offer a free 30 minute consultation either by phone or at our offices, to enable you to make an informed decision as to the steps you want to take to protect your assets and minimise your Inheritance Tax.
PLEASE CONTACT OUR PROBATE TEAM FOR PRICES AND FURTHER INFORMATION.