Estate planning

We can advise you on how to structure your property and affairs to ensure that your estate and assets pass on to your intended beneficiaries.

Our advice aims to do this in the most tax-efficient way after your death.

Inheritance tax

The Inheritance tax threshold is currently £325,000  per person and your beneficiaries will have to pay 40% tax on anything over that amount. This creates potential problems for many homeowners. It is important to note that many couples leave everything to each other, including if they each own half the equity in their property, in this situation, the threshold for paying tax will be £650,000. This form of basic planning may be insufficient though and not the best option in your circumstances.

Some simple restructuring of how your assets are held and some gifting may, potentially, reduce your inheritance tax liability without considerably reducing the value of your estate. Estate planning also helps you to avoid or reduce the amount of tax to pay and your inheritance tax bill (IHT bill).

Preparing for inheritance tax (IHT) is essential so that the value of your estate, or even part of your estate, is passed on to your loved ones with the minimum possible payable in tax. With effective estate planning you can make sure your wealth is protected for the next generation.

Inheritance Solicitors

Our private client team can advise on all aspects of estate planning and inheritance tax mitigation. Clients come to us for advice including :

• Wills for clients with complex and/or high-net-worth estates

• The incorporation of trusts within wills (including discretionary trusts) and the constitution of those trusts after the death of the client

• The creation of lifetime gifts and trusts to reduce inheritance tax and utilise all available inheritance tax planning and current available tax relief

• Advice where some assets such as property are owned outside of the UK

• Post-death estate planning, including deeds of variation and the restructuring of Will trusts with retrospective effect for inheritance tax purposes

• The tax consequences of setting up a trust