Inheritance Tax Solicitors
At Monan Gozzett, we are often consulted by parents or grandparents who want to provide for the younger generations of their family in the most effective way.
Inheritance Tax is a concern for many clients. Still, estate planning can involve addressing other potential impacts, such as relationship breakdown, financial irresponsibility, and protection of the vulnerable.
We can use our extensive knowledge to help you navigate the complex rules and create tax-saving solutions for you and your beneficiaries.
What Is Inheritance Tax?
When someone passes away, they leave behind an estate they can pass on to relatives and loved ones.
Inheritance Tax (IHT) is the tax paid on that estate (usually 40% of the estate value above the threshold).
There are many reliefs and allowances that reduce the amount of IHT due.
Our inheritance tax solicitors can help identify these to ensure your successors benefit from as much of your estate as possible.
Why Should I Get Legal Advice For Inheritance Tax Planning?
Inheritance tax can be quite a complex process involving laws and details that many people are unaware of.
For example, unmarried couples can find themselves with higher tax bills to pay (find out more about the effects of Inheritance Tax on unmarried couples).
An inheritance tax planning solicitor can advise how best to share your estate to avoid paying too much. Some of the areas they can help with include:
- Bestowing gifts while you are alive and surviving them by seven years
- Leaving 10% or more to a charity in your Will
- Creating a trust
However, the best solution for you will depend on your estate and your chosen beneficiaries.
How Can Monan Gozzett’s Inheritance Tax Solicitors Help?
At Monan Gozzett, we take a holistic approach, starting with a detailed discussion of your circumstances:
Our team takes time to listen to your wishes and feelings for yourself and your family.
We discuss your family as individuals, not just entries on a family tree, helping us to build a picture of family dynamics and likely future needs.
We consider with you if there are any grounds for concern, such as the stability of relationships, financial immaturity, and the future management of any family businesses.
We analyse the constituent parts of your estate, as the opportunities available differ depending on the types of assets that you own.
Contact Our Inheritance Tax Solicitors
If you would like to explore the inheritance tax and estate planning opportunities available for you and your family, don't hesitate to contact us to arrange an appointment.
Contact Monan Gozzett today by calling us on 0207 936 6329. Alternatively, you can email our team or fill in the form at the bottom of this page.
We look forward to hearing from you.
Inheritance Tax FAQs
What is the UK inheritance tax allowance?
The current threshold for paying inheritance tax is £325,000. However, if you choose to give your home away to children or grandchildren, you may qualify for the residence nil-rate band. Your threshold then increases by a further £175,000.
If you're in a couple - or widowed - you'll each get the £325,000 allowance, plus the increased threshold if applicable. That means your combined allowance could reach £1,000,000 (£650,000 + £350,000).
Can Estate Planning Help Minimise Inheritance Tax?
With the right legal advice, you could maximise the amount of your estate left to loved ones in your Will.
Our inheritance tax and estate planning solicitors can advise on how to structure your Will to ensure any tax will be as low as possible.
There are different ways you can reduce your inheritance tax bill, including:
- Leaving money to charity
- Setting up trusts
- Giving away parts of your estate while you are still alive.
With effective estate planning, you can ensure your wealth is protected for the next generation.
Can I Transfer My Tax-Free Allowance To My Spouse or Partner?
Yes - your spouse or partner's estate can use any portion of your Nil Rate Band allowance that your own estate doesn't use.
As mentioned above, you don't pay any IHT on assets left to spouses or partners.
Do I have to pay inheritance tax if I receive a monetary gift during the donor's lifetime?
Where gifts are involved, several factors can influence whether you are required to pay IHT following the donor's passing. These can include:
- the value of the gift
- the time you received it, concerning the day the person who made the gift passed away
- the total amount of money they gifted to you or other beneficiaries.
- the value of the estate and the beneficiaries of the estate
You can find more information about this on the government's official guide to inheritance tax.
Our team will be happy to advise and help plan any gifts you intend on giving to loved ones.