Professional legal advice to help you pass on your assets tax-efficiently
Planning for Inheritance Tax on your Will ensures that your close ones receive the most from your estate, without losing out to tax. Our experienced solicitors can advise you on the best way to make the most of your Will.
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What is Inheritance Tax?
Inheritance tax takes into account the value of your estate when you die including assets, property, gifts made and so on.
Inheritance Tax no longer applies only to the wealthy. Any assets over the threshold of £325,000 are taxed at 40%. This is why Inheritance Tax Planning is necessary, so that those in your will get the maximum possible of your estate. Our experienced team can help you to reduce the amount of inheritance tax payable on your estate – depending on your circumstances, we may even be able to help you avoid inheritance tax altogether.
How Can Switalskis Help Me with Inheritance Tax Planning?
There are three common ways of reducing Inheritance Tax liability that people tend to use. Our friendly and knowledgeable solicitors have experience in there areas.
1. Making a Tax Efficient Will
Assets that are passed onto a spouse are exempt from inheritance tax, which means that it could be ultimately be your children losing out due to tax. By each writing a discretionary trust into your wills to hold assets which may significantly increase in value faster than the threshold for Inheritance Tax, such as property, you could significantly reduce the amount of inheritance tax payable on the second spouse's death. Contact our Wills specialists to find out how we can help you make a tax efficient Will.
2. Creating a Trust Withing Your Lifetime
By placing assets into a trust for trustees to manage, you could save significantly on Inheritance Tax. This is provided you survive seven years after the transfer of assets is made.
3. Making a Gift
You are able to give assets away as gifts to those you trust. However there are certain restrictions to this which our solicitors can explain to you and help you with. In order for your tax liability to be reduced, you may also have to survive for seven years after the gift is made.
What Happens if I am Not a British Citizen?
It does not matter whether you are a British citizen or not when it comes to inheritance tax. You are required to pay inheritance tax based upon your residence. If your permanent home is documented as being in the UK, then you could be liable to pay tax. It is always best to contact a professional who can assess your situation and the best course of action, as this area of law can be tricky and can catch people out.
How Can Switalskis Help Me?
Our Inheritance Tax Planning Solicitors are accredited members of the Society of Trusts and Estates Practitioners. This means their expertise has been rigorously assessed by this respected professional body. We can help by discussing your options for reducing the inheritance tax paid on your estate with you. To arrange your free consultation with one of our specialist solicitors call 0800 138 0458, or send us a message through our website.