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Planning your Estate Affairs in a Tax Efficient Way
Benjamin Franklin said the only two things in life that are certain are death and taxes – did you know that you can legally avoid taxes, especially Inheritance tax? Inheritance tax is the tax that applies to estates but whenever you give something away there can be inheritance tax implications even when you are very much alive! The tax laws provide lots of opportunities through tax allowances, reliefs or exemptions to lower your Inheritance tax bill. Every year the HM Government received millions of Pounds collecting Inheritance tax, and some families could have paid a lower inheritance tax bill if there had been some legal planning by the deceased. If you plan your estate properly whilst you are alive then you can lower the amount of Inheritance tax that either you or your estate will have to pay after your death.
If you are a beneficiary of a deceased estate then you might be able to use these same receive allowances, reliefs or exemptions to increase what you receive from the estate. There are lots of other types of taxes that might be relevant and the tax laws change and increase every year so it is important to know what the latest rules are.
There is a lot to be considered when looking at how to reduce Inheritance taxes and you need a legal advisor that knows everything about the tax laws to make sure your financial estate is as tax efficient as possible. Here at Martin Tolhurst Solicitors we have been advising clients for decades about planning their financial estates or a deceased estate and we have specialist solicitors that can advise and assist you so that your estate is as tax efficient as possible. Our expertise ranges from writing a Will or a power of attorney through to reviewing an estate’s tax liabilities and helping you to create a well planned and tax efficient estate, and we have a range of highly competitive prices to match. Fixed fees can often be given so that you have certainty as to your bill.
Call us today to make an appointment to help you and let us guide you through.