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 and avoiding problems with chattels
Royalty payments often require more careful consideration than a lot of other estate assets and should be dealt with by a professionally drafted will.
Business planning and the importance of making a will
What is the Trust Registration Service?
When does a power of attorney take effect?
If you have been asked to act as an attorney for someone you may wonder when it will come into effect, especially if the power of attorney was made some time ago when your friend or relative was in good health. ‘There was an important change in 2007, and so the way...
Wollens Earns Accreditation as a Great Place to Work-Certified™ Company!
We are delighted to share that Wollens solicitors has been officially accredited as a Great Place to Work-Certified™ organisation. Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed over 100 million employees around the...
Iain Douglas celebrates 40 years at Wollens !
If you are going through a divorce, you may have heard the term ‘clean break order’. We take a look at what this is and why it is important to secure a financial order when you end your marriage.
Avoiding common delays in obtaining probate
Probate is a term which is loosely used to cover the administration of an estate, and it has a reputation for being a lengthy process. The administration includes a number of key stages, including obtaining the grant of probate, paying out to beneficiaries, and...
Brave souls at Mission:Unbreakable 2022 !
A team of brave souls took part in Mission:Unbreakable at the weekend. The event supports North Devon Hospice and Wollens are delighted to be the headline sponsor for this event which is one of the biggest fund raising initiatives that the Hospice undertake....
Wollens celebrate inclusion within Legal 500 rankings!
Wollens is delighted to secure a place in the prestigious Legal 500 directory 2023 edition. The Legal 500 is the leading guide to law firms and solicitors in the UK. The rankings reflect the result of months of extensive analysis by the research team, who conduct...
Passing on royalties after you die
Royalty payments often require more careful consideration than a lot of other estate assets and should be dealt with by a professionally drafted will.
Legal steps to consider when diagnosed with a life-limiting illness
On top of the heartbreak and worry that a diagnosis of a life-limiting illness can cause, there will be a raft of concerns and uncertainties about your care and financial affairs, and it can be difficult to know exactly how to prepare from a legal standpoint. ‘There...