Inheritance Tax Planning

With careful planning the impact of inheritance tax can be mitigated.

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Will I have to pay inheritance tax?

Many clients are shocked to learn the amount of tax that may become payable on their estate when they die and which assets are taken into account – simply put –virtually everything. 

The current nil rate band for an individual is £325,000 plus a possible £175,000 additional allowance if you own a house that you pass on to your direct descendants. The balance is taxable at 40%. 

Can I reduce my tax bill?

This however is not the whole story and there are opportunities to mitigate the tax payable using transferable allowances, Agricultural Property Relief, Business Property Relief, gifting and trusts. 

Tax planning can be a difficult balancing act between benefiting the family in the most appropriate way and ensuring that opportunities to save tax are also considered; often the two motivations do not result in the same solution. 

What is involved?

Tax planning involves not only an effective Will but also lifetime planning which is not always as simple as it may first appear especially if you wish to maintain some control through the use of trusts.

We can guide you through your options and prepare an Inheritance Tax report detailing the current position and what planning opportunities there are to mitigate your future tax bill ensuring more of your estate is available for your family rather than HMRC.

What do I do now?

If you wish to go ahead please call the office to arrange a suitable appointment with one of the team.  Alternatively you can complete the attached Will Questionnaire and a member of the team will contact you to discuss your requirements before making an appointment.  In addition to attending the office we also offer home visits which includes attending you at your office, the care home or in hospital if you are unable to come into the office. We also offer meetings over Teams. 

Once you have provided your instructions, we will prepare drafts of the agreed Will(s) for your approval, thereafter we can arrange for the Will to be sent to you at home for signing or you can attend the office where we will act as witnesses.  Once signed we will store the original document(s) and you are provided with a copy to keep at home to be reviewed periodically. 

Will writing, trusts and probate team

For further details of our services, please call a member of our probate and estate administration team on 01543 420000. Alternatively, you can email on: willsandprobate@keelys.co.uk

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