Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died. How much you pay depends on the value of the assets of the deceased's estate minus any debts. The rules around inheritance tax can be hard to understand and legislation changes regularly so it can be hard to keep up.
Our team will take the time to understand you and your family circumstances. They will consider your wishes and put together a plan for you to execute during your lifetime with the aim of reducing the amount of inheritance tax that will become due on death. We have an experienced and skilled team that can advise you of your options and the associated risks, thereby enabling you to make fully informed decisions, thus avoiding unexpected surprises in the future.
Trusts can be used as a vehicle to provide lifetime gifts. They can help you preserve your assets whilst moving them outside your taxable estate and ensure that they are directed to those you wish to benefit, on terms that you are able to dictate. Our team can advise you which type of trust would suit your objectives and prepare the relevant trust document for you. We will advise you of the tax consequences of these trusts and the current requirements to reduce your inheritance tax liability. We will also advise you who the best people might be to manage the Trust (Trustees).
Trusts can give your Trustees the ability and discretion to make decisions based on the circumstances that present themselves, to benefit your chosen beneficiaries. This can be helpful for disabled beneficiaries and troubled relationships with family members and minors.
Many of us are fortunate to have family that can provide financial support either by way of loan or gift. Both methods of support have very different implications in respect of Inheritance Tax, which warrant careful consideration of a variety of issues including the intentions behind the gift or loan.
Our 'Planning for your Future' podcast series discusses, in everyday language, how planning can help you navigate your way through the ups and downs of life and how getting your affairs in place now can assist your loved ones’ future responsibilities.
In this episode, experienced Private Client Solicitor & Partner, David Lea, talks in detail about Inheritance Tax and Trusts.
In this episode, experienced Private Client Solicitor, Joanna Fildes, explains the difference between loans and gifts with regards to Inheritance Tax liabilities.
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