Inheritance tax
Inheritance tax is the tax paid on assets that are left when someone dies. It could have an impact on your estate if the total value of your assets, less the total value of all of your debt, is greater than the inheritance tax threshold. The number this sum produces is known as your net estate value. The tax threshold at which your estate may bear inheritance tax is currently £325,000. It is payable at a flat rate of 40% on the value of your net estate on your death on sums that are over this threshold. Our team of inheritance tax planning solicitors can help you plan ahead to ensure that you explore all the potential qualifying tax reliefs and tax exemptions that may be available to you and your family, and minimise the impact of this tax on your estate.
Every person’s situation is different, which is why we provide a comprehensive tax service which is tailored to you, including:
- Capital gains tax planning
- Wills
- Lifetime gifts
- Inheritance tax planning
- Planning for care home fees
- Tax implications of marriage and divorce
- Tax residence
- Trusts
In 2017 we received the Law Society’s prestigious Excellence in Private Client Practice award for our work in this area of law.
We offer fixed-fee packages and other pricing options to suit your needs, and are happy to have an initial chat without obligation – contact us today.
Contact Us
North, South, East or West. Wherever you are, we’ve got you covered. Contact us today for an informal chat, without obligation. We look forward to hearing from you.
South Devon
01803 213251
Exeter
01392 274006
North Devon
01271 342268
Wills, probate & private client news
Probate: dealing with a rental property with a tenant
Are you an executor facing the complexities of managing a rental property with a tenant in it as part of a deceased estate? Read our latest article by Liz Crawford who offers some very useful guidance on this subject.
Family Law Executive Cate appointed as Mayor of Teignmouth
Cate represent parents in pre-proceedings (PLO) with the local authority and within complex care proceedings through the Family Court as well as advising grandparents who seek to care for their grandchildren. Outside of her work at Wollens Cate is busy being elected as Mayor/Chair of Teignmouth Town Council on the 14th May 2024.
Succession and tax planning for high-net-worth families
‘Whether you have built up a portfolio of assets through business activities, savings and investments, or you have inherited a significant wealth, it is important to plan efficiently in order to minimise tax implications,’ says Jon Dickson a Partner in the wills and...
Powers of Attorney vs Deputyship
Most people are keen to make a will to ensure that their estate is dealt with in line with their wishes once they are gone, however, there is a common theme of ignoring that same estate within the lifetime
Succession and tax planning for high-net-worth families
Our wills and probate solicitors can provide bespoke advice for your high-net-worth estate and your individual family circumstances.
Providing for a pet in your will
Our wills and probate solicitors can assist in ensuring that your beloved pets are provided for after your death
Keeping legacies in the family and out of court
With disputes rising as the validity of more wills are being challenged, it is important to review and update to assure inheritance plans.
Wrapping up the administration of an estate after probate
Our wills and probate solicitors can help you to ensure that all final estate administration is dealt with appropriately.
Why Everyone Needs a Will
In today’s fast-paced world, it’s easy to put off important tasks, and writing a will is often one of them. However, having a will is crucial for ensuring your wishes are carried out after your death and providing peace of mind to your loved ones. In this comprehensive guide, we’ll explore the importance of having a will, and the steps to take in order to secure your legacy.
Common Myths about Inheritance Tax Planning: Busting the Misconceptions
Inheritance tax planning is a crucial aspect of financial management, yet it is often shrouded in misconceptions and myths. As the New Year begins, it’s an opportune time to debunk these common misunderstandings and shed light on the realities of effective inheritance tax planning. In this article, we’ll address and dispel some of the prevalent myths surrounding inheritance tax, providing clarity for individuals and families seeking to secure their financial legacies.
