Solicitors Specialising in Inheritance Tax Planning
The current inheritance tax threshold is £325,000. This means that if, when you die, you leave assets worth more than that, inheritance tax may be payable at that time. However, there are things you can do to minimise the tax burden. They do not have to be particularly complex, but nevertheless, even simple steps can save thousands of pounds of tax in the future. Here are some ideas:
- Generally, if you make a gift and then die within seven years of it, the value of the gift will still form part of your estate for inheritance tax purposes. However, everyone can give away £3,000 of capital each year without having it “clawed back” into their estate if they die within the seven year timescale. You can also go back one year if you forgot to use last year’s allowance. If you can afford to make a gift of this size, make sure you do it.
- Gifts can also be made upon the marriage of a friend or relative to the bride or groom (£5,000 if they are your child, £2,500 if they are a grandchild and £1,000 to friends or other relatives). Again, you do not have to survive seven years from making these gifts for them to fall outside of your estate for inheritance tax purposes.
- You can make bigger gifts of capital either outright or into trust. Providing you survive seven years, the gift falls out of your estate in it’s entirety. Even if you do not survive seven years, the tax payable on the amount given away may be significantly reduced over time.
- Often, shares in trading businesses are better held until you die rather than being given away early as it may make more tax sense to do so. However, if you have shares in a non-trading business we can help you find a way of giving these away in part or in whole and potentially retaining a right to the income from them in the future. This is more complex planning, but it can offer astonishing tax savings. We can work with your accountant or recommend an expert to work with us to find the right solution for you.
- If you have a holiday home we can help you find a way of giving this away for inheritance tax purposes, whilst keeping control and use of it for as long as you wish.
Many people forget about the planning opportunities offered by assets such as life assurance and pension policies which can mean you end up paying thousands of pounds of unnecessary Inheritance Tax. We can help you review your current and potential future assets and decide whether you need to take action to minimise the tax payable upon your death.
Long Term Care Costs
As we get older, many of us will need looking after. Many of us worry that our life savings and the sale proceeds of our home can end up having to cover the cost involved in paying for nursing home fees.
We can help you to put arrangements in place to protect your assets as far as possible through careful Will drafting and ensuring the ownership of your assets are correctly structured.
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Ursula spoke at great length with me offering advice all the way. She was a great help. Not many would have been as engaging, or helpful. Contacting a solicitor can be a daunting experience but Ursula was really friendly.
Hi Julia. Thank you so much for all your efforts to help me . I have to say this would not have happened without you! You are all an amazing team and I really feel you all care !! So thankful to pat for recommending you all , she’s such a lovely lady . Our house is beautiful and we are on cloud 9! And more to the point, I’m finally rid of that bully for good! I would highly recommend you and your team to anyone! Thanks a million! JW.
I would like to say a sincere thanks to Jemma and EMG for helping me through a difficult time with a long term tenant who, through ill health was unable to carry on paying the rent and has since moved on to long term care, via the court of protection.
If Jemma hadn’t become involved and guided me through the difficult procedures to recover the arrears and regain the possession, I think we may have been struggling through without resolution for many months or even years.
I would certainly recommend Jemma and EMG to others in this position as you get the feeling that they really do care about your problems, but also in a very professional manner too.
“Thanks to Sam, I feel like a weight has been lifted off my shoulders. Thank you again for your time. I certainly will recommend you and EMG for your professionalism and your kindness.” D. Rutter
“ Jemma – I just wanted you know how grateful I am for all your help and assistance at the tribunal, also your concern and caring manner you always have for us all.”
Thank you also for Richard, 100% agree with all your past clients, he so easy to work with, keeps you updated, fast and in general made the whole process (almost; as much as can be when buying a house 😉) stress free!
Paul is so pleased with all of the support you have been able to offer up during the purchase process.
He is impressed by the way that you are free to help him and talk matters through. He also commented on how happy you always sound as well.
“Well I finally did it! I am now a very proud and probably eternally skint home owner!
Thanks to my Mam and Dad for their help and support through it all, I couldn’t have done it without them!! And Callum and EMG Solicitors you’ve been amazing”
“We are extremely appreciative of your highly professional and kind service; interacting with you has been a pleasure.” – Mr A Sokolowski