INHERITANCE TAX

Inheritance tax is a tax on the ‘estate’ of someone who’s passed away. How much you pay depends on the value of the deceased’s estate – which is valued based on their assets, minus any debts.

WHAT IS INHERITANCE TAX?

Inheritance tax is a tax on the ‘estate’ of someone who’s passed away. How much you pay depends on the value of the deceased’s estate – which is valued based on their assets, minus any debts. You may not have to pay inheritance tax on everything you leave behind when you die. You only pay inheritance tax on assets above the £325,000 threshold. The first £325,000 plus your spouse’s and civil partner’s allowance is free of inheritance tax. 40% tax only applies to anything that goes over this value.

WHAT IS INCLUDED IN THE ESTATE?

The value of your estate for the purpose of Inheritance Tax includes:

  • your savings
  • possessions including property
  • pension funds (certain payments from payment funds may be subject to Inheritance Tax)
  • subject to certain exemptions, the value of any money or property you gave away during the seven years prior to death

There are also exemptions that can be applied for individual needs,

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PROBATE

Probate is the legal right to deal with someone's property, money and possessions when they die. If the person who died left a will, this explains what should happen to their estate.

INHERITANCE TAX

Inheritance tax is a tax on the 'estate' of someone who's passed away. How much you pay depends on the value of the deceased's estate – which is valued based on their assets, minus any debts.

TRUSTS

Using a trust can give you peace of mind that your chosen beneficiaries will inherit from your estate. The benefits can include reducing the care fees payable to the local authority and have tax advantages.

DOCUMENT STORAGE

If your Will were to be damaged in any way, the courts could declare the Will invalid. We offer safe and secure storage of your legal documentation in both digital or paper form.

TENANTS IN COMMON

Tenants in common is a term used when two or more people have a share in a property – as in spouses or civil partners – but as separate owners entitled to their own share of the property.

PROPERTY CONVEYANCE

We work with a team of legal experts who will prepare legal documents for a property sale, remortgage or lease extension, and transferring legal ownership if the property is being sold.

FINANCIAL PLANNING

We work with a team of independent financial planners who will help you plan for changes in your income, pensions, insurance, savings and investments. Need help. Contact Us.

LASTING POWER OF ATTORNEY

Nobody likes to think about losing the ability to manage their own affairs. Powers of Attorney gives someone you trust the ability to make decisions on your behalf.

INHERITANCE TAX PLANNING

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