Inheritance Tax Planning.

Inheritance Tax Planning.

The Inheritance Tax Planning Solicitors at Lanyon Bowdler have many years’ experience in helping and advising people on looking after the assets they have accumulated, and how they and their families can reap the full benefits.

Our Inheritance Tax Solicitors will assist you to maximise the amount you leave to your loved ones with a tax efficient inheritance strategy.

Looking after your personal wealth is key to safeguarding your financial future.

Partnering with the right legal professional will give you the peace of mind of knowing your affairs are in the best hands, with all procedures carried out correctly and with your interests always the top priority.

For personalised inheritance tax advice from the experienced team of Inheritance Lawyers at Lanyon Bowdler call our office using the number at the top of this page.

Wills & Inheritance Tax Advice

Wills are at the centre of inheritance planning.  You are strongly advised to seek legal advice from an experienced Estate Planning Solicitor before writing a will. A poorly written will can lead to inheritance disputes and higher costs.

If any of the following applies to you, we recommended talking to a solicitor:

  • You are cohabiting
  • You share a property (with a person other than a spouse or registered civil partner)
  • You are recently divorced or have dissolved your Registered Civil Partnership or have recently remarried or entered into a Registered Civil Partnership
  • You have children from different relationships
  • If you have children under the age of 18
  • You have a business or agricultural assets
  • You have children with special needs who need to be provided for in your will
  • You have assets overseas

Our Inheritance Tax Planning Expertise

By choosing Lanyon Bowdler for any affairs of estate management, you can rest assured that you have the best legal expertise on your team. Contact us today.

How can Lanyon Bowdler Solicitors help?

Our team of specialists can help by advising on tax issues relating to:

  • Setting up and managing a lifetime trust
  • Making lifetime gifts
  • Employing the most tax-efficient way of structuring your finances
  • Capital gains tax liabilities
  • Inheritance tax
  • Drafting a will
  • Disposing of valuable assets such as shares or property

Everything will be unique to you because we know that everyone’s circumstances are different.

The team at Lanyon Bowdler is highly experienced in dealing with extremely complicated personal and financial affairs.

We can help you avoid the common pitfalls, which can so easily catch people out, assist in ensuring any tax liabilities are paid without interest or penalty and, as well as planning for the future, can advise on anything you may wish to do with your money now.

Podcasts

In this episodeEdward Rees is speaking to Mike Williams from Brewin Dolphin. They’re busting jargon, and talking about inheritance tax planning and financial wellbeing.  They explain about “the seven year rule”, gifting money, tapering and touch on trust funds.

In order to lessen inheritance tax, we’re often asked the question “Should I gift my house to my children during my lifetime?” In this episode we hear from Edward and David from our Private Client Team, who explain that this is a very complex area. They give insight into why that’s the case, and provide practical guidance.

Legal 500 & Chambers UK Recommendations

The team is recognised in Tier Two for the West Midlands in the 2024 edition of The Legal 500, stating ‘Lanyon Bowdler advises clients across the whole of Shropshire, Herefordshire and North Wales. It has extensive experience in advising on trusts, estate planning and administration as well as other areas covering business property and agricultural relief. ‘

Chambers UK’s High Net Worth guide states: ‘The team advises clients on trusts, estate planning and administration, tax planning, contentious probate and powers of attorney.’

Trusts and Gifts in your Lifetime

It may be advantageous to dispose of some assets during your lifetime. If you make a gift to your children, the value of the gift should not be counted for inheritance tax purposes if you survive the gift by seven years. For larger estates with a long term strategy, it may be possible significantly to reduce the total inheritance tax bill by creating discretionary trusts up to the value of the nil rate band every seven years. Talk to our specialist Inheritance Tax Planning Solicitors about how this strategy could help you.

Your Inheritance Tax Planning questions answered

What is tax planning?

Put simply, tax planning means arranging your legal affairs in the most efficient way to minimise your tax obligations. It is a very specialised area and can be a daunting prospect, which is why it’s vital to have a team of experienced professionals on your side.

It usually starts with a face-to-face meeting where we get to know each other and find out your objectives. We can then set about putting a plan in place which is perfect for you and your family.

Our hope is that we will partner with you on a long-term basis, meaning we will always be aware of your needs and ambitions while fostering a relationship of trust over what we hope will be many years.

What is inheritance tax?

Inheritance Tax is applied to the assets (property, cash in bank accounts, investment, personal belongings and foreign assets) of someone who has passed away. The standard rate is charged at 40% on everything above the nil-rate band (or threshold) of £325,000.

So for example, if your estate is worth £400,000 you would pay 40% tax on the £75,000 above the £325,000 threshold.

There is an additional allowance available in certain circumstances and this is called the Residence nil-rate band. It is in addition to the standard nil-rate band and is presently worth £175,000. It will only be available in limited circumstances and you should seek our advice on whether it applies in your case and, if so, to what extent

Importantly, there’s no inheritance tax on anything you leave to your husband, wife or registered civil partner, or to a charity. Gifts to them are exempt from inheritance tax.

If your husband, wife or registered civil partner has already died, there may be a second (transferable) tax-free allowance of up to £325,000, unless his or her nil-rate band was used up in non-exempt gifts. The Residence nil-rate band also has a transferable character between spouses and registered civil partners. Again, you should seek our advice as to its application to your particular circumstances. However, in many cases, a couple who are married or in Registered Civil Partnership would have aggregated between them a total of £1M in nil-rate bands and residence nil-rate bands.

For tax purposes, your estate includes your share of any asset you own jointly with someone else, even if it passes automatically to the other person.

Inheritance tax has started to affect more people in recent years as higher house prices have taken more people over the nil-rate threshold – many of whom do not consider themselves as rich. Given that tax was generally paid at the time that their wealth was generated, many people also view inheritance tax as an unfair form of “double taxation”.

On the other hand, one objective when inheritance tax was introduced was the combatting of the perpetual accumulation of unearned family wealth. It was thought that the redistribution of a significant proportion of the estates of a wealthy minority might be of benefit to society as a whole.

Whatever your views are, inheritance tax is a financial fact that should be prepared for in advance.

Testimonials

What our clients say.

Since dealing with Lanyon Bowdler they have been diligent, efficient and at all times very helpful along with being structured in dealing with matters, fees and clarity on all levels. Thank you.

Michael
via ReviewSolicitors

I was clearly informed of progress step by step. The service you provided was very good.

Peter Weston
Shrewsbury

All work carried out effectively and efficiently.

Hubert Jones
via ReviewSolicitors

I felt safe that Lanyon Bowdler understood both my concerns and requirements. I would use again and recommend.

Anonymous
via ReviewSolicitors

An excellent service with solicitors that you can talk to and who give you a clear understanding of all necessary legal implications and interpretations.

Eric
via ReviewSolicitors

A fluent welsh speaking solicitor from an agricultural background, provided an in depth assessment and good advice in distributing the inheritance of the family farm.

Mr & Mrs Owen
Conwy

From start to finish we had excellent service. Friendly, approachable and professional.

Carl Gittins
via ReviewSolicitors

Very clear, concise advice and guidance, easy to understand.

Ian Jamieson
Telford

Good service provided throughout with clear communication throughout with all options explored.

Lee

I can thoroughly recommend the highly professional and supportive service received over the last few months.

Heather
via ReviewSolicitors

Responsive, supportive, approachable, clear and empathetic.

Lisa Thacker

Professional and prompt communication. Supportive and client focused.

Lisa Thacker
Jennifer M Whittall Ltd

Whenever I have had need to contact Lanyon Bowdler I have always received a fast, concise and friendly response.

Lee Mortimer
UK Case Management

Definitely would use Lanyon Bowdler again if I need the use of a solicitor.

Mark Bowkett
via ReviewSolicitors

Smooth and efficient service from very professional firm.

Tim
via ReviewSolicitors

We were particularly impressed with the quality of work, the speed and excellent communication.

Allenby Douglas Ltd
Oswestry

Very friendly and approachable. Very good advice

Ivor Brown
via ReviewSolicitors

Very professional and approachable. I was updated as to progress regularly. The final costs reflected good value for the service provided.

David Fedrick
via ReviewSolicitors

Great Service; Lanyon Bowdler were excellent from the outset. Straightforward and easy process. I just sat back and waited.

Paul Rowe
via ReviewSolicitors

Everything has been professional, efficient and courteous throughout and we are very pleased, both with the service and with the eventual outcome of our case. Everything was first class and exceeded our expectations. Thank you again for providing such splendid service. It is really appreciated.

Mr N J & Dr S J Browne
Llanfyllin

Inheritance Tax Planning Lawyers

They say only two things are certain in life: death and taxes. But by planning ahead, you may be able to reduce the amount of inheritance tax your family will be liable for when the time comes.

Our friendly and approachable inheritance tax planning solicitors can advise you in all areas of financial planning, including the use of trusts, which may help lower the burden of inheritance tax and capital gains tax.

Here at Lanyon Bowdler, we are leading the way with a range of flexible pricing options, including fixed fees and service level guarantees, so you know how much our legal services will cost right from the start.

Contact the Inheritance Tax Lawyers at Lanyon Bowdler

If you would like to discuss any aspects of wealth protection, succession planning or inheritance tax considerations, please give our team a call for a friendly, confidential chat about your situation and what you are hoping to achieve. Or complete the online enquiry form on the right-hand side of this page and we will contact you. Lanyon Bowdler has a wealth of experience with business families and farm owning families so you can be sure of the best and most relevant advice for your particular circumstances.

Lanyon Bowdler is widely recognised as one of the leading law firms across Shropshire, Herefordshire and North Wales. We are committed to providing exceptional levels of client care and will work closely and considerately with you to help find the best options

We have offices in HerefordBromyardShrewsburyLudlowOswestryTelford, and Conwy in North Wales, we are able to act for clients throughout Shropshire, Herefordshire, Mid and North Wales as well as anywhere in England and Wales.

Our people

Meet the team.

Edward Rees
Edward Rees
Partner
Wills & Probate | Estate Planning | Lasting Powers of Attorney
David Pugh
David Pugh
Partner
Wills & Probate | Estate Planning | Lasting Powers of Attorney
Karl Beckett
Karl Beckett
Partner
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Kevin Thomas
Kevin Thomas
Partner
Wills & Probate | Estate Planning | Lasting Powers of Attorney
Louise Browne
Louise Browne
Legal Assistant
Wills & Probate | Estate Planning | Lasting Powers of Attorney
Dani Sharma
Dani Sharma
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Chloe Michie
Chloe Michie
Legal Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Clare Jones
Clare Jones
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Kelly Hughes
Kelly Hughes
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Emma Deering
Emma Deering
Associate Legal Executive (FCILEX)
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Mai Lewis
Mai Lewis
Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Georgina Hughes
Georgina Hughes
Associate Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Vanessa Ford
Vanessa Ford
Legal Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Hollie Daniels
Hollie Daniels
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Clare Boote
Clare Boote
Legal Secretary
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Sophie Burgoyne
Sophie Burgoyne
Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Charles Almond
Charles Almond
Consultant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Sioned Williams
Sioned Williams
Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Liane Helies
Liane Helies
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Nicola Smith
Nicola Smith
Legal Support Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Sam Russell
Sam Russell
Trainee Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Julie Langford
Julie Langford
Legal Assistant
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Kate Lawson
Kate Lawson
Associate Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Jan Hope
Jan Hope
Legal Secretary
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Val Howard
Val Howard
Legal Secretary
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Aimee Johnson
Aimee Johnson
Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Helen Jones
Helen Jones
Legal Secretary
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Angharad Hird
Angharad Hird
Associate Solicitor
Wills & Probate | Lasting Powers of Attorney | Estate Planning
Knowledge

Case studies.

Knowledge

Latest knowledge.

Podcast icon Podcast

Mutually Irrevocable Wills and Why You Should Never do Them – Edward Rees and Claire Vale

Mirror wills allow for updates and amendments, which better reflects how lives can change....
Published • 17 Apr 2024
Podcast icon Podcast

Should I be a Trustee for a Trust? – Edward Rees and Aimee Johnson

Edward & Aimee discuss the various types of trusts, pointing out what you'd potentially be responsible for as a trustee....
Published • 09 Apr 2024
Podcast icon Podcast

I Just Want a Simple Will! – Emma Deering and Sioned Williams

People often contact us saying "I just need a simple will!" But often it turns out not to be the case. ...
Published • 25 Mar 2024
Podcast icon Podcast

Understanding The Probate Pathway – Edward Rees and Aimee Johnson

Aimee and Edward discuss the probate process and the administration of someone's estate after death....
Published • 29 Jan 2024
Podcast icon Podcast

Myth Busters: Death! – Edward Rees and Aimee Johnson

Edward and Aimee dispel common misconceptions relating to wills, administration of estates and lasting powers of attorne...
Published • 08 Jan 2024
Blog

Private Client – Myth-busting

In many cases, clients have preconceived ideas about the law. This is especially the case when it comes to planning...
Sioned Williams • 08 Jan 2024
Podcast icon Podcast

How Investment Managers Work with Solicitors – Sioned Williams, Robert Daily and Aled Jones (Canaccord Genuity Wealth)

Sioned Williams chats with investment managers Robert Daily and Aled Jones from Canaccord Genuity Wealth. ...
Published • 06 Nov 2023
Podcast icon Podcast

Sut mae Rheolwyr Buddsoddi yn gweithio gyda Chyfreithwyr – Sioned Williams gyda Aled Jones

Yn y podlediad canlynol, dwi Sioned Williams, Cyfreithwyr yn ein adran Cleient Preifat, yn trafod gyda Aled Jones o Cana...
Published • 06 Nov 2023
Blog

Life as a Trainee Solicitor in Private Clie...

Before joining the private client department, I had never really thought that private client would be an area that ...
Miriam Homer • 19 Nov 2021
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