Inheritance Tax Planning Lawyers, Yorkshire
There are lots of important reasons for making a Will. Doing so allows you to legally record what will happen to your money and property when you die.
A Will enables you to give instructions as to who should take charge of distributing your estate and puts in place any individual plans you would like for your funeral.
Many people are unaware that estate planning can also be used to reduce their liability for inheritance tax. At Ware & Kay, our inheritance tax planning solicitors can offer friendly, efficient and professional legal advice on reducing your liability for tax after you die. Providing competitive pricing and a fixed-fee service, our estate planning lawyers are the best choice for clients across Yorkshire.
Our areas of specialism include:
- Planning for inheritance tax through your Will
- Preparing for inheritance tax through lifetime giving
- Creating and utilising trusts to reduce inheritance tax liability
What is inheritance tax?
Inheritance tax is paid on your estate when you die. Before probate will be granted and your assets can be distributed to your designated beneficiaries, any inheritance tax owed must be paid off. Depending on the extent of your estate, an inheritance tax bill can represent a substantial part of your wealth that could otherwise be passed on to those you care about.
With effective planning, however, this can be reduced substantially. Speaking with an experienced inheritance tax planning solicitor will provide you with information about the best options for you to ensure that as much of your estate as possible is passed on to the people and causes that are important to you.
For inheritance tax purpose, your estate includes:
- Your house as well as any other properties you own
- Your possessions
- Money held in bank, building or savings accounts
- Shares and investments
- Money due to be paid out under insurance policies
What steps can be taken to reduce my liability for inheritance tax?
Many legitimate steps can be taken to minimise the amount of tax your estate is required to pay on death, for example, arranging for insurance policies to be paid into a trust or leaving part of your estate to charity.
The inheritance tax planning lawyers at Ware & Kay can advise on strategies such as:
- Lifetime gifting – there are legal rules about how and when this can be done, so speaking with a solicitor is vital in ensuring that any gifts made will be exempt from inheritance tax
- Structuring your Will to minimise tax liability
- Setting up and utilising trusts
- Arranging your affairs to take advantage of tax reliefs
- Choosing investments with favourable inheritance tax treatments
- Deeds of variation
- Business succession planning – Business Property Relief can allow business assets to be passed on free of inheritance tax
Contact our Inheritance Tax Planning Solicitors in York, Wetherby & Malton
Whatever your circumstances, our inheritance tax planning lawyers are happy to meet and discuss the best arrangements for you.