Tax Law is constantly evolving and becoming increasing complex. This is why you need specialist tax lawyers to be able to accurately recognize the opportunities and risks that you or your or your family face. Our tax lawyers have extensive sector insight, providing comprehensive and innovative solutions to complex tax law matters, particularly in relation to Will, probate and Estate administration matters.
Planning for the future can often be a rather daunting prospect. However, sufficient inheritance tax planning is vital in ensuring that assets are left to your chosen beneficiaries. Inheritance tax is payable on the assets that make up the estate of the deceased after any allowances have been taken. Our expert solicitors will guide you through the often-complex process of inheritance tax planning and provide the best outcome for your loved ones when the time comes.
Establishing the value of assets
To value your estate, you will need to:
- Minus any debts and liabilities
- Make a note of all the assets and work out their valuation at the time of death.
Your assets include your properties, cash, savings, investments, vehicles and any payments from life insurance or death-in-service plans. An estate is determined by calculating the value of the assets that you own, before eliminating any unpaid bills or debts.
The current Inheritance tax threshold is £325,000 per person. It is £650,000 for a married couple – assuming that the first person to die leaves their whole estate to their partner. If the value of your estate exceeds this limit, then you may be liable for tax at the rate of 40%. Beneficiaries of estates valued below £335,000 do not have to pay inheritance tax.
Inheritance tax and trust plans can help you minimise the inheritance tax burden on your beneficiaries when the time comes for your estate to be distributed. Our specialist solicitors can provide you with expert and comprehensive guidance on how to minimise tax helping you plan for a tax efficient future. There is a wide range of exemptions that can mitigate the tax paid however it is relatively common for families to not plan out their estates. Our team of friendly and experienced solicitors will engage with you directly, developing a bespoke plan to ensure that your legacy is passed on accordingly.
Contact our Will and probate Lawyers in Portsmouth today:
Should you wish to know more about the services we offer, speak to a member of our team today or arrange a free consultation on 02392815325.