0800 652 3371

Inheritance Tax Planning Solicitors in Shrewsbury, Hereford, Telford, Conwy, Ludlow & Oswestry

 

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.

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.

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 adifferent 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

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.

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.

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.

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.

Legal 500 & Chambers UK Recommendations

The team is recognised in Tier Two for the West Midlands in the 2020 edition of The Legal 500, stating "Lanyon Bowdler's team has significant experience of advising on trusts, estate/tax planning and administration, as well as powers of attorney and contentious trust 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’.

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.

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 HerefordBromyardShrewsburyLudlowOswestryTelford, 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).

Testimonials

All members of your staff team showed professionalism, empathy and compassion towards myself and family.

- Mr William Coxhead

The advice given was thoughtful, detailed and very relevant to our personal circumstances. Simple and clear explanations of legal terms and language.

- Mr John Stuart Heighway & Mrs Karin Elisabeth Heighway, Shrewsbury

Going beyond the responsibility expected to ensure the satisfaction of the client.

- Mr Shaw, Hereford

I was made to feel at ease and nothing was ever too much bother. Communication was good and clear . A very friendly approach. 

- Mrs Jacqueline Anne Free, Telford

 Have always provided a very professional service. 

- Mr Richard Hartland Pinchin & Mrs Margaret Rose Pinchin, Ludlow

From entering reception I was well looked after and offered drinks. I waited no longer than five minutes to see the solicitor who explained the procedure to me thoroughly. Any questions I had were answered to my satisfication. I found the whole procedure very professional and would definitely recommend them. 

- Mr Joseph Michael Foster, Telford

We were kept up to date with progress and probate was compleated within the estimated time.

- Mr Edwards, Worcester

The team were easy to talk to and explained everything clearly

- Mr Price, Hereford

Case Studies

Testate Case Study

Claire acted on a

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Nothing Left to Partner

Claire acted for a claimant whose partner died, leaving his entire estate to ...

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