Making a Will, Tax Planning & Inheritance Tax
“Many people put off organising a Will. Few realise how easy it can be – and fewer still realise the consequences of not having one.”
Thinking of making a Will?
Without a will, and with no traceable surviving relatives, your whole estate could pass into the hands of the government. Whilst few people enjoy making a Will, it is therefore essential to do so to ensure that your assets, property and finances go to your family and loved ones when you die.
What is inheritance tax and why do I need an inheritance tax solicitor?
Inheritance Tax was once described as a voluntary tax. To some extent that is true. It is also very easy to volunteer to the revenue significant amounts of the tax unnecessarily.
We utilise a number of tools to mitigate the tax. Whether it be through simple lifetime giving, use of income allowances or the use of specific reliefs such as business property relief or agricultural property relief, there still remains a whole wide range of solutions.
Planning with Trusts and working with Independent Financial Advisors/Stockbrokers or other financial professionals still remains a means of legitimately avoiding the payment of Inheritance Tax.
It is vitally important especially given what might be described as with the court of public opinion suggesting that any legitimate tax avoidance is wrong to ensure that the correct and property utilisation of existing statutory exemptions and reliefs are utilised fully and appropriately.
We always try to fully investigate clients’ circumstances in order to find a solution that matches their particular situation. Some clients are property rich and may currently be in an illiquid position. They will present different problems to those who may have recently inherited or are in a more liquid position. In both cases we are able to suggest different options. Whichever situation clients are in they will always find helpful, constructive and practical advice to find a solution to the Inheritance Tax conundrum.
One of the starting points in relation to that is to ensure that Wills are up to date. The ability to tax plan with a Will is much reduced by recent changes to legislation but it remains the case that good advice coupled to a professionally drafted Will does provide the solid foundation required to address the matter of Inheritance Tax.
“All Will writers within Humphries Kirk adhere to the Society of Trust and Estate Practitioners’ (STEP) Code for Will Preparation. To learn more about the STEP Code please click here”