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Inheritance and tax planning

Making plans for loved ones after you die may be difficult to think about but it is important to ensure your wishes and plans are carried out. Our specialist team can help you think through your plans and their financial impact to ensure that maximum use is made of your inheritance tax “allowance” available on death.

Inheritance tax (IHT) is a tax that is paid on the value of your assets when you die (known as your estate).  This includes everything owned in your name, eg. Your home, the value of any investments, trusts and certain gifts.  Anything that the deceased person owes is then set against this value eg. Mortgages, loans etc.

Inheritance tax is payable if the total value of the assets exceeds the nil rate band.  The current threshold or nil rate band is £325,000 for individuals and £650,000 for married couples or those in a civil partnership.  Where your home is passing to children and grandchildren (including step children)  you may also be able to claim a residential nil rate band currently £150,000 per individual (due to increase to £175,000)

Planning now, allows you to consider any further reliefs and exceptions that may apply to limit any tax implications.  These could include:

  • Making a Will
  • Making gifts
  • Reviewing asset ownership
  • Minimising your estate
  • Considering marriage (or civil partnership?)
  • Using Trusts
  • Certain reliefs such as agricultural and business.

Inheritance and tax planning is a complex area of law and our team use plain English to make certain you understand any decisions that are made.

Ann Donnelly is STEP (Society of Trust and Estate Practitioners) qualified and Claire Houghton is a member of SFE (Solicitors for the Elderly) and is working towards her STEP qualification. 

Please call our team if you would like to discuss if any of the above would be helpful in your circumstances and to see if we can help.

 

Team members

Ann Donnelly
Solicitor - Director
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Christina Richards
Solicitor
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Claire Houghton
Solicitor
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