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Inheritance Tax can take a large chunk out of your estate, making a big difference to the amount your heirs receive when you are gone. However, with the right planning it can be possible to significantly reduce your estate’s liability for Inheritance Tax, as well as other taxes such as Capital Gains Tax.
This type of estate planning, including methods such as tax-efficient Will writing, setting up trusts and making gifts, can allow your loved ones to receive more of the benefit of your estate, both during your lifetime and after you pass away. To make sure you take advantage of all the available options while staying within the law, it is essential to take advice from experienced legal specialists.
Our tax planning specialists have extensive experience with the many different approaches to minimising tax liabilities for estates of various sizes, including those with complex assets. We can offer a bespoke approach tailored to your needs, helping to make sure no opportunity to reduce the tax due on your estate is missed.
Speak to one of our expert Inheritance Tax planning solicitors in Fareham by calling 01329 282841 or use the contact form on the right to ask us a question and get a quick response.
We can advise you on a range of options for making your estate more tax-efficient and reducing your estate’s liability for Inheritance Tax, Capital Gains Tax and other tax considerations.
In many cases, we can reduce your tax liability by reviewing and revising your Will to ensure you are taking full advantage of any available exemptions as well as your personal Inheritance Tax threshold or ‘nil rate band’.
Using both small regular gifts and larger one-off gifts during your lifetime can be an option for reducing your estate’s tax burden. However, there are strict rules around how these gifts are made, including the value of the gift involved, and how long before your death those gifts are made.
Our tax planning solicitors can advise you on all of the options for using gifts to minimise your Inheritance Tax liability efficiently and effectively.
Trusts can be highly effective where there are specific assets you wish to protect, such as a property, or dependants you need to provide for, such as a child or vulnerable person.
Setting up a trust, either during your lifetime or with your Will, can remove assets from your estate for Inheritance Tax purposes and make sure your loved ones’ needs will be met after you are no longer around.
There are strict rules around trusts, however, so it is important to have the right legal advice from setting up and managing a trust.
We can advise you on all aspects of setting up and managing trusts, including making sure the trust deed is correctly prepared and the right trustees selected, so you can have complete confidence that everything is taken care of.
We can advise you on the ways the ownership arrangements for your home and other property will affects any tax liability. Where there are opportunities to reduce your tax burden through a change of ownership, we will advise you on the process and our Residential Property team can handle the necessary arrangements.
Our Inheritance Tax planning solicitors aim to take the uncertainty out of ensuring your loved one’s can receive the maximum benefit from your estate.
We are accredited by the Law Society’s Wills & Inheritance Quality Scheme reflecting our expertise in a wide range of inheritance planning issues.
Glanvilles can also offer the expertise of our Conveyancing Quality Scheme accredited Residential Property team who can assist with any property issues related to inheritance planning, such as buying and selling property and transfer of ownership.
When you use our Fareham Inheritance Tax planning service, we promise the following:
Looking for expert advice on minimising your estate’s liability for Inheritance Tax? Please contact our expert Inheritance Tax planning solicitors in Fareham now.
Call us on 01329 282841 or use the contact form above and we will get back to your quickly.