How can I reduce my Inheritance tax bill?
It is important that we all pay our taxes, but do we want our loved ones to pay more tax than they need to? If the answer is no, then it is worth looking at inheritance tax planning which can provide you with legal advise on how to legitimately reduce the amount of tax that is payable against your estate when your loved one(s) inherit your estate after you have passed away.
The amount of inheritance payable depends on the overall value of your estate which includes everything that you have accumulated during your lifetime i.e. money in your bank account(s), savings, properties, shares or life insurance excluding any debts.
Estates will be subject to 40% tax if the value of your estate is above £325,000 and your civil partner, spouse or charity is not the named beneficiary. Depending on your personal circumstances the £325,000 tax-free cap could be hirer. If you leave money to a Charity, then the percentage of tax could be reduced. To find out about your circumstances contact us to find out more.
There are lots of questions to ask regarding reducing your loved ones inheritance tax bill such as: -
What is the inheritance tax rules if I am married?
What is the inheritance tax rules if I work for the police, armed forces, firefighter or paramedic?
What is the inheritance tax rules if I have children?
What is the inheritance tax rules if I have grandchildren?
What is the inheritance tax rules if I have no direct descendants?
What is the inheritance tax rules if I want to leave a legacy for a charity?
What is the inheritance tax rule if we were tenants in common?
What is the inheritance tax rules if I am not married?
We want to be your private client lawyer for those milestones in your life. So, if you want us to advise you on inheritance tax planning, we are here to help you. Every client is a VIP so let us represent you.
Let us represent you if you would like us to contact you to discuss any of our services please click on one of the links.