We have a large team of inheritance tax planning solicitors working under five partners who specialise in Wills and Estate planning.
You should particularly seek legal advice if you:
sharing a property (with a person other than a spouse)
recently divorced or remarried
have children from a different relationship
have a business or agricultural assets
have children with special needs who will be provided for in your Will
have assets overseas
You will need to think who you wish to be executors and guardians for minor children in your Will.
Thinking about your Will and succession plans can help to focus on all areas of financial planning. We have a number of contacts with independent financial advisors who can assist you with financial advice. If you own a family business, you may also wish to speak to one of our dedicated family business team who can assist with succession planning for your business.
Most of our lawyers and solicitors are members of the Society for Trust Estate Practitioners and are therefore recognised as specialists in this area. We advise on the best structure to protect against inheritance tax, as well as claims arising on divorce or bankruptcy. We also advise on protective structures for vulnerable beneficiaries who, through mental and physical disability, may find it difficult to manage money.
You may decide that it is advantageous to you and to your beneficiaries to dispose of property in your lifetime. If you make a gift of an asset to your children and survive the gift by seven years, the value of the gift will fall out of your estate for inheritance tax. This needs careful planning in view of the tax implications. You may wish to consider ways in which you continue to have access to income from the gift.
By creating discretionary trusts up to the value of the nil band for inheritance tax every seven years, you can significantly reduce the value of your estate for inheritance tax and can provide for several generations to benefit from your estate.
Very clear in explaining particular situations to one who is not a legal expert.