Inheritance Tax Solicitors
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Rose & Rose
Protecting your Estate
If you think your estate might have to pay inheritance tax, then there are a number of inheritance tax planning measures you can put in place to reduce the amount payable. Inheritance tax benefits from early planning. The sooner you think about it, the better.
Some of the options available include:
Using the tax free personal allowance and the transferable main residence allowance which allows a married couple to leave £850,000 per couple without paying inheritance tax.
Ensuring that one spouse’s estate is not used to pay the others nursing home fees when the government could be funding them.
Family trusts, gifts (tax free provided the deceased has made the gift at least 7 years before death), wedding gifts, taking out life insurance to cover your estate’s inheritance tax, charitable donations are all possible ways of reducing your taxable estate. You need to take expert advice on these matters to maximise your tax planning for the benefit of your family and to ensure you are acting within the law. We can help you ensure that as much as possible of the estate you’ve worked hard to build ends up in the hands of your chosen beneficiaries.
Please contact our wills and trust department to discuss these issues.
Contact a member of our team below or email firstname.lastname@example.org for more information.
Frequently Asked Questions
What is the Inheritance Act?
The Inheritance Act allows certain categories of people to make a claim should the Will or Intestacy Provisions fail to leave them reasonable final provisions, the categories are: spouse, ex-spouse, child, step-child, someone who has cohabited with the deceased for a minimum of two years or someone who has been maintained by the deceased for a minimum of two years.
What happens if I don’t have a Will?
If you do not have a will, the Intestacy Provisions will govern who your estate passes to and who will be entitled to administer the estate, your property may end up in the hands of people who you would not wish to benefit.
Do I need a Will if I am Married?
Yes, many people assume that their spouse will inherit everything if they do not have a will. This is not always the case, especially where children are involved. If you have an existing will before you were married, this will have been revoked by marriage.
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