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Inheritance Tax Planning

Inheritance tax can take up to 40% of your money and property (your estate) after you die, reducing how much your loved ones can inherit. Our estate planning solicitors can provide expert advice on reducing the amount of inheritance tax (IHT) payable on your death.

We will talk you through all your options in detail so you can make the best possible decisions about how to structure your estate. The first step is normally to review your Will and ensure it makes full use of available exemptions and your tax threshold or nil rate band.

The next step is to discuss with you to what extent you wish to make gifts during your lifetime or re-arrange your financial affairs.

We can advise on the tax consequences of outright gifts, the use of trusts and the use of pensions. This will normally include a review of the inheritance tax, capital gains tax, income tax and stamp duty consequences. In appropriate cases, our partners are willing to act as trustees.

Speak to one of our Inheritance Tax planning solicitors in ChichesterFareham or Havant or use the contact form below to ask us a question and get a quick response.

How our Inheritance Tax planning solicitors can help

Making a Will

Making a Will is the single most important thing you can do to ensure your money and property goes to the right people after you die. It is also essential for making your estate more tax-efficient, meaning your loved ones will inherit the maximum amount possible.

There are many ways you can write your Will to make your estate more tax-efficient. Our inheritance tax planning solicitors will advise you of the options, and the impact choosing a particular course of action will have on your estate. We will recommend a plan that meets your needs and fulfils your testamentary intentions.

The following are some ways we can help you structure your Will to reduce inheritance tax:

  • Transferring your tax-free allowance to your spouse or civil partner
  • Leaving your home to your dependants tax-free
  • Creating and managing Will trusts
  • Making charitable donations
  • Taking advantage of inheritance tax relief, such as business property relief and agricultural property relief from inheritance tax

Read more about making a Will.

Creating and managing trusts

Trusts are a useful way to control and manage your estate both during your lifetime and after you pass away, but they are often overlooked because they are complex and difficult to wrap your head around.

Trusts are affected by inheritance tax differently from other assets. However, this does not mean that trust property is completely free from inheritance tax. Trusts can also be affected by other kinds of tax, such as income tax and capital gains tax. So, it is vital to get legal advice to make sure trusts are used efficiently within your estate plan.

Our inheritance tax planning lawyers can provide simple and practical advice about using trusts to reduce your estate’s tax liability.

We can advise on all kinds of trusts for all kinds of purposes, including:

  • Setting up trust funds for your children and grandchildren
  • Discretionary trusts to provide for a potential group of beneficiaries
  • Protecting and preserving property
  • Providing for children under 18 years old and vulnerable loved ones

In some circumstances, our partners can act as professional trustees.

Read more about trusts.

Lifetime gifts and potentially exempt transfers

Giving away gifts during your lifetime is a great way to reduce inheritance tax. Everyone gets a tax-free gift allowance of up to £3,000 every year. Gifts over this amount may be free from inheritance tax if more than seven years pass between the gift and the end of your life (these kinds of gifts are called potentially exempt transfers).

Our inheritance tax planning solicitors can provide advice on whether giving lifetime gifts could reduce your liability for inheritance tax and provide legal support where necessary to facilitate your gifts (such as the transfer of property).

Transfers of equity

A transfer of equity is where you change the ownership of a property or a share of a property. For example, you may want to transfer your property to your child so that it does not form part of your estate when you die and will therefore potentially not be liable for inheritance tax (the transfer will likely attract inheritance tax if you die within seven years of making it). Depending on the nature of the transfer, it may attract other types of tax, such as capital gains tax.

Our inheritance tax solicitors can assist with transfers of equity, including handling the conveyancing side and advising on trusts (for example, if you want to transfer the property to a child).

Read more about transfers of property.

Pensions

There are a number of ways pensions can be used to make your estate more inheritance tax efficient. For example, making contributions to your own or other people’s pensions can be an effective way to reduce your taxable estate.

We can advise on the use of pensions to make your estate as tax-efficient as possible.

Charitable donations

Leaving legacy donations to charity after you die isn’t just a way to support the causes you care about even after you are gone; it can help you reduce inheritance tax.

Charitable donations can be passed on tax-free. If you leave enough of your estate to charity, the rest can also benefit from an inheritance tax discount.

Our inheritance tax lawyers can advise on making charitable donations for the purpose of minimising inheritance tax.

Why choose Glanvilles’ Inheritance Tax planning team?

Our inheritance tax planning solicitors offer a professional, caring service to make your estate and end-of-life planning as simple and stress-free as possible for you.

Our aim will be to help you put your affairs in order in the most tax-efficient way possible. That way, you can trust that your loved ones and favoured organisations can receive and inherit the maximum amount of your assets as possible during your lifetime and after you pass away.

We know that the laws and rules around inheritance tax are difficult to understand, particularly if you have high-value assets that require a complex estate plan of trusts, transfers and gifts. We will explain all your options in plain English, ensuring that you can make informed decisions about what you want to do.

We are committed to ensuring our service is as accessible as possible, and we are happy to visit you in your home, hospital or nursing home where required.

We are accredited members of the Law Society's Wills and Inheritance Quality Scheme (WIQS). Our team also includes members of the Private Client Section of the Law Society and the Society of Trust and Estate Practitioners (STEP).

As STEP members, we adhere to the STEP Code for Will Preparation in England and Wales.

Get in touch with our Inheritance Tax planning lawyers in Chichester, Fareham and Havant

Speak to one of our Inheritance Tax planning solicitors in ChichesterFareham or Havant or use the contact form below to ask us a question and get a quick response.