Guide to types of wills
An overview of the types of wills available in England & WalesRead more
Inheritance tax planning
The primary method of minimising the amount of Inheritance Tax due is to reduce the size of your estate by disposing of assets in such a way that is beneficial to you and your loved ones. Bringing your total estate value below the nil rate band (£325,000 by default), will eliminate the requirement to pay any Inheritance Tax.
It is also possible to reduce the amount of Inheritance Tax payable from 40% to 36% by leaving a legacy donation of at least 10% of your estate’s net value to a charity.
If you are concerned about the amount of Inheritance Tax that your beneficiaries are likely to be faced with, our solicitors can provide practical advice on:
Each of the above actions can all be effective methods of reducing the amount of inheritance tax payable.However, it is important to note that some of these options will need to be in place at least 7 years before death in order to be valid.
Our inheritance tax solicitors utilise their expert legal knowledge to maximise the amount that you leave behind.
Our in-depth knowledge of the laws surrounding inheritance tax issues, combined with our ability to tailor our advice to any individual’s circumstances, allows us to provide you with the most cost-effective options available to you.
We will explain in detail the advantages and consequences of any inheritance tax reliefs and exemptions that you may be entitled to, which will enable you to maximise the value of the estate that you leave behind for those you love.
Inheritance tax planning
With one of the largest private client teams in the Midlands, we have extensive experience in providing inheritance tax advice.
We regularly advise individuals and families on all aspects of tax planning, from lifetime estate planning through to the use of trusts and gifts, through to advising beneficiaries on how best to manage their inheritance after the death of a loved one.
Estate planning is not always straight forward. It often involves sensitive personal, religious, or cultural issues. Our Wills, Probate, Tax & Trusts team is well-known for providing meticulous advice on matters such as:
Inheritance tax planning
Inheritance Tax is applied to the value of an estate above the £325k nil rate band threshold (increasing to £500k if your home is left to your children or grandchildren in a will or trust in estates worth under £2m).
For example, an estate worth £500k would be charged £58.8k (40% of £175k), and an estate worth £2m would be charged £670k (40% of £1.675m).
There may also be stamp duty or Capital Gains Tax to be paid on your property, businesses or any shares sold after death (if they have increased in value). Although, as stamp duty and Capital Gains Tax do not apply until these assets are sold, it may be worthwhile considering entrusting the ownership of such assets to your beneficiaries in your will or trust, rather than the sale value.
It is important, however, to remember that any assets that can potentially provide a source of income (for example properties for lease, businesses, and shares) may be subject to income tax for the beneficiary who receives and continues to operate them.
Chambers High Net Worth 2022 | Private Wealth Law | Derby & surrounds
“Although we had no face-to-face contact we built up a good relationship with Will Harper who we dealt with exclusively. He answered the phone personally and promptly and replied to emails usually the same day.”
“The practice has recently dealt with my late mother-in-law’s estate, probate, deed of variation and associated house sale. Despite covid, this went very smoothly with no issues and was carried out speedily.”
“Flint Bishop dealt with my late father’s estate and land registry transfer in a very professional manner. Over the last year despite the virus restrictions, all communication by post and email was clear, concise and very efficient. A very satisfactory service was delivered.”
“This is a very professional company. Came to use them for my mother’s will on her passing and had the pleasure of Amelia Carruthers dealing with everything. She made the experience a lot less stressful and was always there to help on any issues. In fact so impressed, they have done our wills and powers of attorney and again fully explained everything. Well worth paying that bit extra for a quality service.”
“I have used Flint Bishop’s services on several occasions for various issues. My contact there, Shirley Illston, over the last 24 years has helped me in difficult times, when I needed good legal advice quickly. I would recommend their services for any legal assistance you require without hesitation.”
“Excellent service, have recommended you to friends.”
“Very impressed with the response I received from start to finish.”
“My mum, brother and I consulted Flint Bishop last July after my father passed away. My parents Will was made with Flint Bishop so it seemed right that we would consult them when my father passed away. It was a scary time for me, as my mum relied heavily on me to deal with the aftermath of my fathers death, funeral, Will etc. but Flint Bishop totally took the worry and strain away. Wwe dealt with Samuel Balmbra and from the start of the consultation he was professional and honest. We knew exactly the cost involved and what was happening at every stage. He made something daunting for us seem very simple. I would recommend Flint Bishop and I will use them again if and when the time arises.”
“Very professional and efficient and went way beyond our expectations.”
“We found Will Harper to be very helpful in dealing with my aunt’s Will and the sale of her property especially under the current COVID restrictions. If we had any questions they were always answered promptly and all has gone through very quickly.”
“Will Harper provided advice to me in relation to my mother’s Grant of Probate which was very complexed. I feel extremely fortunate to have had Will to guide me through this process at an extremely difficult and distressing time of my life. Will’s response to my enquiries was immediate, he always displayed compassion to my personal situation and would explain things in a way I could understand. Having not gone through the procedure before I had lots of questions and Will always took the time to listen to my concerns and I never felt rushed. This isn’t always the service you get with solicitors, however, after every contact I had with Will I felt more reassured. I have already recommended Will to a close friend and will continue to recommend his exemplary service.”
“Flint Bishop routinely acts on tax planning for high-net-worth individuals, and it also covers wills, estate administration, probate, trusts, Court of Protection and elderly client matters. Led by Claire Rudkin, the practice is increasingly active in cross-border matters and represents business owners, entrepreneurs and farmers, among others.”
For more information and advice, please contact us on 01332 226 162 or complete the form below.
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