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Inheritance Tax

Inheritance Tax Solicitors Beaconsfield, Berkhamsted & Harrow

Inheritance tax can have a considerable impact on sums that will be passed on to the people and causes you care about when you die. However, with careful and thoughtful planning you can take legitimate steps to reduce the amount of tax that will have to be paid on your estate. The inheritance tax solicitors at Breakthrough Family Law can provide you with all the advice and support you need to plan for inheritance tax, whatever your circumstances.

We take a pragmatic and strategic approach to estate planning, advising clients on how they can best structure their Will to take advantage of tax exemptions that are available to them, with advice tailored to their specific circumstances. Speak with one of our inheritance tax experts today to find out how we can help.

What is inheritance tax?

Inheritance tax is paid from your estate when you die if the total value of your estate is over £325,000. There are some exemptions available depending on your personal finances and circumstances, and there are special rules for married couples and those in civil partnerships. The value of your estate exceeding £325,000 will be taxed at the rate of 40 per cent. If tax needs to be paid, this will have to be done before your assets can be distributed amongst the beneficiaries listed in your Will.

For inheritance tax purposes, your estate includes:

  • Your house as well as any other properties you own
  • Your possessions
  • Money held in a bank, building society or savings accounts
  • Shares and investments
  • ISAs
  • Money due to be paid out under insurance policies

What can I do to reduce my liability for inheritance tax?

You can put plans in place through your Will to reduce the amount of inheritance tax that will have to be paid when you die. Our inheritance tax solicitors can offer guidance on the legal steps that you can take – this might involve setting up a trust to hold part of your wealth or arranging to leave part of your estate to charity.

Other strategies available to reduce inheritance tax liability include:

  • Lifetime giving – there are rules about how and when you can pass on money or property when you are alive, so speaking with a solicitor can be vital in ensuring that no issues arise in the future
  • Structuring your Will to reduce tax liability
  • Managing your affairs to take advantage of tax reliefs
  • Making investments with favourable inheritance tax treatments
  • Deeds of variation

Contact our Inheritance Tax Lawyers in Beaconsfield, Berkhamsted, Chesham and Chorleywood

Our Wills and Estate Planning team have years of experience helping clients make the most of their assets, working with them to ensure that as much of their money and property as possible is available to their loved ones after they are gone. Our inheritance tax lawyers are friendly and approachable – we will explain your options to you clearly, straightforwardly and in plain English. If you have any questions, our team are always on hand to answer them as part of our flexible and client-focused service.

Our experienced team of lawyers are based in Beaconsfield, Berkhamsted, Chesham, Chorleywood. Contact us today on 01494 776 696 or using our online form to arrange an appointment with one of our team.

 

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