Inheritance Tax

 

Have You Considered the Effect of Inheritance Tax (IHT)?

Over the course of your life you may have built up money and assets that you will want to leave to your loved ones (your estate). Your estate consists of all the assets you own including savings, property and shares. However, when you die your estate could be subject to inheritance tax (IHT) if it’s worth more than the ‘inheritance tax threshold’.

Fortunately, if your estate is likely to be over the threshold, with some careful tax planning there are ways to minimise IHT and make sure your loved ones get the maximum benefit of your estate.

One way to reduce the size of your estate is to gift assets to people during your lifetime. Or you could decide to make larger gifts which, provided you live for seven years after making the gift, will not normally be subject to any IHT. It’s also possible to reduce IHT on your property but you must ensure you follow certain rules which differ depending on whether you decide to still live in the house or move elsewhere, and the seven year rule also applies here.

Other ways to reduce the amount of inheritance tax due include, leaving more than 10 per cent of your net chargeable estate to a charity, or putting your assets into a trust.

IHT Planning can be a complex issue however Jennings Solicitors can provide comprehensive Inheritance Tax Planning to assist you minimise the inheritance tax on your estate. We will assess your personal situation, and recommend an action plan to ensure you maximise the amount of your estate passed on to your loved ones.

 

Why Choose Jennings for Estate Planning?

We have vast experience in estate planning and have assisted many clients secure their wealth

We will explain the process clearly and keep you informed about what is happening at each stage

We provide cost effective solutions tailored to your situation and will provide clear information about costs involved

All communication and support is confidential

 

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We are a Member of The Law Society’s Wills and Inheritance Quality Scheme (WIQS)

We are delighted to be an accredited member of the Law Society’s Wills and Inheritance Quality Scheme (WIQS). This shows that we follow best practice procedures to meet the highest standards of technical expertise and client service in providing tailored wills and probate advice to consumers.
1. We will not pressure you into buying more complex advice that is not in your best interests.
2. Our dedicated wills and probate service is tailored to your needs. We will explain the process,
options, costs and likely timescales.
3. We will keep you up-to-date using your preferred method of communication.
4. Accredited solicitors and other staff complete mandatory training on the WIQS standard
and show compliance through annual re-accreditation and ongoing enforcement checks by
the Law Society.

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Our Promise to You

Jennings will advise and explain, in plain English, what your rights are. We specialise in giving practical sensible, timely advice when you need it to assist you decide the best course of action and help resolve any specific issues you are facing, and provide as much or as little help you require

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To discuss how Inheritance Tax Planning could benefit you and your family just contact us for a free evaluation on 01554 772331

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