Lifetime Inheritance Tax Planning
The law in this country dictates that when an individual dies and the total value of their estate exceeds a certain threshold, Inheritance tax (IHT) will be due. Naturally, if you have worked hard to ascertain or retain wealth or other assets during your lifetime, you will want as much of this to be passed on to your beneficiaries as possible.
The team at O’Donnell Solicitors are able to advise you on the law regarding inheritance tax and how you might be able to reduce the tax payable on your estate by effective planning.
For example, it is possible for you to give away gifts throughout your lifetime and there be no inheritance tax consequences, providing that you survive seven years from the date the gift was made.
The law surrounding inheritance tax is complex and for this reason, many people fail to take relatively simple steps to reduce the amount that would be payable to the government on their death. Our straight-talking solicitors can help you to navigate the law in this area, providing advice that may help to save several thousands of pounds.
There are various reliefs available both for Inheritance tax and capital gains tax, for example, married couples are able to transfer their IHT allowance to their spouse upon their death. There is also a main residence allowance that applies in addition to the standard IHT allowance, which we are able to advise you on how best to use. Our solicitors would be happy to advise you on whether you may be entitled to these, where necessary with the assistance of accountancy professionals and financial advisers.
Contact our Inheritance Planning Solicitors
For more information on inheritance tax planning or to instruct one of our solicitors in this area, please contact us.