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.
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.
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:
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.
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.
Our team of specialists can help by advising on tax issues relating to:
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.
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.
In this episode, Edward 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.
The team is recognised in Tier Two for the West Midlands in the 2023 edition of The Legal 500, stating 'Lanyon Bowdler advises clients across Shropshire, Herefordshire and North Wales; it fields a specialist trust team that is led by Edward Rees, a lawyer skilled at advising on trusts and high-net-worth estates, powers of attorney and on complex tax planning matters.'
Chambers UK’s High Net Worth guide states: ‘Considered "the biggest name in the area," Lanyon Bowdler is an established Shropshire firm which serves private clients on Wills, trusts and the administration of estates’.
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.
By choosing Lanyon Bowdler for any affairs of estate management, you can rest assured that you have the best legal expertise on your team. 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 Hereford, Bromyard, Shrewsbury, Ludlow, Oswestry, Telford, and Conwy in North Wales, so are able to act for clients throughout Shropshire, Herefordshire, Mid and North Wales and across the Midlands (including Wolverhampton & Birmingham).