Inheritance tax is the tax paid on assets that are left when someone dies. Inheritance tax (IHT) 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. Inheritance tax 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. At Wollens 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.
We understand that every person’s situation is different, which is why our tax planning lawyers will provide a comprehensive tax service which is tailored to you, including:
- Capital Gains Tax Planning
- Lifetime Gifts
- Inheritance Tax Planning
- Planning for Care Home Fees
- Tax Implications of Marriage And Divorce
- Tax Residence
We are an award-winning Devon law firm with offices in Torquay, Newton Abbot, Dartmouth, Exeter and Barnstaple. We’ve been established for 150 years and, in 2017, we received the Law Society’s prestigious national Excellence in Private Client Practice award.
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.
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