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
Charlotte McGregor joins Exeter Chamber Board
Exeter Chamber held their annual general meeting at Exeter College on Monday 8th November, where two new board directors were officially appointed. Patrick Tigwell of Thomas Westcott Chartered Accountants replaces Laura Seaward as Treasurer and Wollens partner,...
Shining a light on secret and half secret trusts
The judicial decision that the will of HRH the Duke of Edinburgh be kept private for the next 90 years highlights that a will generally becomes a public document once probate has been granted, open to be read by anyone with an interest in the estate, highlighting the importance of discussing intentions to avoid later challenges to the estate and to exclude any confidential information.
Managing financial affairs under a lasting power of attorney
Making a lasting power of attorney for your finances is an important part of lifetime legal planning, especially if you have built up a portfolio of assets and investments which require regular management. While this legal authority needs to be set up well in advance...
Four new partners appointed at Wollens
Wollens are pleased to announce the appointment of four new partners who are based in multi locations across the region. The promotions are all from within the firms existing teams and each strengthen their departments structure. Chris Hart, Chief Executive said; “We...
A royal lesson in keeping things under your hat.
The judicial decision that the will of HRH the Duke of Edinburgh be kept private for the next 90 years highlights that a will generally becomes a public document once probate has been granted, open to be read by anyone with an interest in the estate, highlighting the importance of discussing intentions to avoid later challenges to the estate and to exclude any confidential information.
Wollens success at Devon & Somerset Law Society Legal Awards !
The presentation of the Devon & Somerset Law Society Legal Awards for 2020 took place last night (September 23rd) in a digital ceremony after several attempts to hold the Dinner originally planned for April 2020 were postponed for COVID reasons. Hosted by the...
Could Lasting Power of Attorneys move to digital?
A more straightforward digital system to set up a Lasting Power of Attorney (LPA) could come into play, but experts say that it is vital that sufficient safeguards are in place to protect elderly and vulnerable people from abuse. In this article, we look at how the...
Probate and overseas assets
Born in Greece and educated in France and Germany before coming to the UK, at his death in April of this year Prince Philip reportedly left a multi-million-pound estate which includes assets overseas. The administration of those assets, and therefore his estate, is...
Relying on the concept of ‘next of kin’ – when is this enough?
Next of kin is a commonly used term in everyday language, yet despite its frequent use ‘next of kin’ only provides legal rights where children are concerned and, even then, only in certain circumstances. The general rule is that the parent or guardian of a child under...
Five reasons you should use a solicitor to write your will
If you are thinking about writing a will, you may have considered doing it yourself. There are many templates and tools available online, along with vast amounts of information about the law and how to go about writing your own will. However, there are significant...
