Inheritance tax planning can seem like a long drawn-out process with many wanting to plan effectively but not knowing where to begin. The expert Wills, Trusts & Probate Solicitors at Gorvins have considerable experience in dealing with individuals and business owners who wish to plan their inheritance more efficiently.
Our inheritance tax solicitors can provide advice and knowledge to ensure you make the right decisions and more importantly your assets go where you want them to.
Speak to one of our inheritance tax solicitors by calling 0161 930 5151. e-mailing willsteam@gorvins.com or filling in our online form.
The Gorvins approach to inheritance tax planning
Our team of inheritance tax solicitors have expert knowledge and experience in this area of law. By offering practical guidance through inheritance tax issues, we can reduce the amount of unnecessary tax you pay to ensure you and your family make the most of your wealth.
Inheritance tax is charged at 40% on the value of your estate when you die, however it is our job to help reduce your tax liability by offering advice on the valuable exemptions available to you and your estate. Our team can also offer you expert advice and guidance when it comes to making a will.
How can I reduce my inheritance tax bill?
Inheritance tax is paid on a person’s estate (their property, money and possessions) if it is worth more than £325,000 when they die. The rate is 40% on anything above that threshold. With a little forward inheritance tax planning and professional help, there are many ways to protect your assets and reduce your bill so the money goes to your loved ones rather than the tax office.
There are many exemptions and reliefs that we can advise you on, including:
- Spouse/Civil Partner Exemption
- Charity Exemption
- Agricultural or Business Property Relief
- Gift Exemptions
- Gifts on Marriage
- Maintenance Gifts
What assets are not subject to inheritance tax
Inheritance tax is applied to your estate upon your passing. Items that fall outside of your estate are not taxed in the same way as items that do fall under your estate. Examples of items that do not fall under your estate include:
- Most pensions
- Life insurance held in trusts
- Trusts
How can our inheritance tax solicitors help?
Our dedicated, knowledgeable and friendly team can guide you through the process step-by-step.
As all of our wills, trusts and probate solicitors are either STEP qualified or training to become STEP qualified, we are in the perfect position to help you plan. STEP is an advanced professional qualification in the field of estate planning and stands for the Society of Trust & Estate Practitioners. We like to go above and beyond our duties by providing you with truly professional service and experience.
Next steps for inheritance tax planning
If you are considering planning for your future and want to reduce your inheritance tax bill, contact our fantastic team today and we will work closely with you to sort out the next steps to take.
To have an initial consultation with our inheritance tax solicitors, call us on 0161 930 5151, email us at actonit@gorvins.com or fill in our online contact form and we’ll get back to you.
