inheritance tax

Inheritance Tax Questions

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Inheritance Tax Planning

Inheritance Tax is the tax that is paid on your estate upon your death. Broadly speaking this is everything you own at the time of your death, less what you owe.

Inheritance Tax is also sometimes payable on assets you may have given away during your lifetime, including property, possessions, money and investments.

There are a number of Inheritance Tax exemptions which allow you to pass on amounts, during your lifetime or in your Will, without any tax being due. For example, if your estate passes to your husband, wife or civil partner and you both live in the UK then there is no Inheritance Tax to pay even if it's above the £312,000 nil rate band.

When considering your estate, it is not only the issue of Inheritance Tax that needs to be addressed. If you are leaving large sums of money to your children, what will happen if they divorce or become bankrupt in the future? This could result in a large proportion of their inheritance being lost.

By inserting a Discretionary Trust into your Will, you can protect these assets as well as reduce Inheritance Tax for future generations.

The Inheritance Tax Solicitors at Will Solutions will advise you on the exemptions available to you including spousal exemption, gifting, potentially exempt transfers and business and agricultural property relief to protect your estate and help you avoid paying inheritance tax.