On your death, Inheritance Tax may be due if the value of your estate (cash, shares, property and the like) exceeds the threshold – currently £325,000.
Estate & Tax Planning
Anything over that amount may be taxed at 40%. But with careful planning, your children, grandchildren and other beneficiaries could face a far lower bill than you might think.
We can advise you on the various ways in which you can minimise the amount of Inheritance Tax payable when you die. This could be by making your Will more tax efficient or by the use of gifts and exemptions such as lifetime gifts, annual gifts and gifts to charity.
Our expertise means we can help you explore all of the legal options to ensure your loved ones receive the maximum benefit from your estate, making it as simple and straightforward as possible to get all the right measures in place.
Our estate & tax planning services
Our estate and tax planning team work with families across the South West and wider UK to ensure their estate is protected for the benefit of their loved ones using a variety of strategies.
Inheritance tax relief
There are various types of inheritance tax relief that you may be eligible for depending on your circumstances, so it is important to make sure this is reflected in your Will.
For example, in April 2017 an additional allowance of £100,000 was introduced against the sale of a family home that forms part of an estate. This allowance rose to £125,000 in 2018 and will continue to rise by £25,000 each year until reaching £175,000 in 2020.
However, to benefit from this allowance and other types of inheritance tax relief, you need to have the right provisions included in your Will. Our team can provide the guidance and expert Will writing service you need to ensure you are taking advantage of all the available options to minimise the inheritance tax due on your estate.
Trusts can be a tax-efficient way to protect assets and ensure your dependants can continue to benefit from your assets for many years to come.
They are particularly useful where you have a child or other loved one who needs ongoing care and support, so requires long-term funding to ensure their needs continue to be meet when you are no longer around.
There are various types of trusts you can set up, each with different rules and requirements. Our expert trusts solicitors can advise you on the appropriate options for your situation, get all the legal framework in place and help to make sure the trust will be effectively administered for the future.
One popular option is to start distributing certain assets from your estate while you are still alive, allowing your loved ones to start benefiting from your gift straightaway and also potentially making these lifetime gifts exempt from inheritance tax.
However, it is important to be aware that if you pass away within 7 years of making a lifetime gift, it may still be considered as part of your estate for inheritance tax purposes. There can also be Capital Gains Tax issues to consider, as well as issues such as making sure you derive no benefit from the gift e.g. living rent-free in a property you have legally gifted to your child.
Our team can advise you on all of the issues related to lifetime gifts, ensuring you and your loved ones can benefit from this option where appropriate.
You can make various small gifts each year without incurring inheritance tax if you then pass away within the following 7 years. Currently you can make gifts of up to £3,000 in any year, either as a single gift or several smaller gifts. You can also make other gifts, including up to £5,000 if your child is getting married.
We can advise you on making such gifts, ensuring you are staying within the relevant allowances and do not risk created tax complications for your estate when you pass away.
Why choose Henriques Griffiths’ estate and tax planning solicitors?
Our estate and tax planning solicitors have been helping people all over the South West and across the wider UK to plan for the future of their estates since 1973. Our experience means we can quickly identify the right options for you and your loved ones, allowing you to pass on the maximum possible benefit from your estate.
Henriques Griffiths is Lexcel accredited by the Law Society for our excellent practice management and client care. We are regulated by the Solicitors Regulation Authority (SRA) providing assurance that we continually meet the highest legal and professional standards.
Get in touch with our estate and tax planning solicitors
For help with any aspect of estate and tax planning, please call us on 0117 909 4000 or use the links below to make an enquiry or request a call back.