Inheritance tax planning
Have you taken steps to minimise inheritance tax?
Have you taken advantage of your statutory inheritance tax allowances?
When you die, your assets including any property, possessions, money, savings and investments will be added up to determine the value of your estate. If the value is more than the current personal allowance, inheritance tax at 40 per cent will be payable.
By making a will and taking sensible tax planning measures under the advice of our solicitors, you can reduce the amount of inheritance tax that has to be paid from your estate.
Couples can make mirror wills to maximise their personal allowances and leave a greater sum of their estate tax free to the next generation.
There are many ways to reduce your inheritance tax liability such as giving regular, small tax-free gifts up to your annual allowance, making larger gifts that are potentially exempt and creating a life interest trust in your will.
If you decide to leave a proportion of your estate to charity, this can also reduce the amount of your estate that is subject to inheritance tax.
Our expert tax planning solicitors will outline all your options and advise you on the best course of action to meet your long-term objectives.
Based in Stoke-on-Trent, Staffordshire, our specialist wills and probate solicitors provides services throughout Staffordshire and Cheshire. To find out more, contact our wills and probate solicitors or call 01782 577000.
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