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Inheritance Tax (IHT)
Inheritance Tax can be a complicated area of law, and here at Adams Law, we understand that you will want to leave the maximum amount possible to your loved ones when you pass away.
The law requires you to pay inheritance tax on your property and belongings, known as your estate when you pass away. It is always necessary for this to be paid before probate is granted.
If you wish to maximise the inheritance of your loved ones, inheritance tax planning is essential, as tax is charged at 40% on estates worth more than £325,000, and so it can significantly affect the amount that your family and loved ones inherit from you.
With years of experience in helping people like you with inheritance tax planning, Adams Law can assist you in making your assets as tax efficient as possible. To discuss how we can help you, contact our team today.
Expert Inheritance Tax Planning Advice
There are a number of ways in which you can minimise your inheritance tax bill after you pass away. When calculating inheritance tax, most of your assets are included. These include your home and other properties that you own, all your possessions, bank and building society accounts, investments, including ISAs, and certain insurance policies. Our team will carefully learn about your affairs in order to create a tax planning strategy tailored to your needs. Tax planning methods may include:
- Trust creation
- Trust Management
Lifetime gifts and transfers
Although there are ways to ensure your inheritance tax liability is minimised, it is essential to seek professional legal advice, as it can be a complicated process. You will no doubt want your loved ones to have as easy a time as possible dealing with your affairs once you die, and so having Adams Law by your side to manage your affairs will help ensure this.
Throughout London and the surrounding areas, Adams Law has years of experience helping a wide variety of clients with their inheritance tax planning. Many of our clients come to us not only for this, but also to assist them with wills, and where a loved one has already passed away, probate.
In April 2017, there are some changes occurring to the rules regarding inheritance tax, which will likely benefit many people with estates valued up to £2 million.
In addition to the tax-free amount of £325,000, there will be a new tax-free allowance relating to homes being passed on to children or grandchildren. This, coupled with other changes, means that by 2020, it will be possible to inherit up to £1 million in assets without paying any income tax.
These changes will affect a lot of people positively, and if you need more information, or wish to formally plan your inheritance tax affairs, Adams Law can help you.
Adams Law – Inheritance Tax Planning Solicitors London
When you first contact us, we respond the same day to arrange an initial consultation during which we will take the time to get to know about you and your affairs to enable us to serve you best. Adams Law in Whitechapel, East London, prides itself on its client care and legal expertise, and matters relating to inheritance tax planning are no exception. Please contact us today by calling 0207 790 2000 or completing our online enquiry form. We will be delighted to help you.