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    Inheritance and tax planning

    Your estate will be subject to various inheritance and tax laws so when planning for the future, you may need to consider the financial implications and impact of those laws. QualitySolicitors Large & Gibson’s expert Wills, Trusts and Probate solicitors can help you in understand the laws that will affect you, ensuring that your future plans reflect your intentions and are as financially efficient as possible.

    Trusts

    Our department of specialist Wills, Trusts and Probate solicitors will advise you on the use of trusts, set up in your lifetime or in your Will, helping to protect the interests and inheritance of children, of disabled / vulnerable people and perhaps reduce the amount of tax paid and allow to plan for the payment of future care fees.

    Arrange an appointment with us today on 02392 296 296 to speak to one of our solicitors, and start planning for your family’s future.

    Inheritance tax

     

    What is Inheritance Tax?

    • A tax that is paid on an estate when somebody dies.
    • Sometimes paid on trusts, transfers and gifts made during a lifetime.

    Inheritance Tax Threshold

    • The current inheritance tax threshold in 2014/15 is £325 000.
    • If your estate is valued below this then inheritance tax does not have to be paid.
    • If over the threshold, the tax is payable at 40% on the amount over the threshold, or 36% if the estate qualifies for a reduced rate due to a charitable donation.

    Married Couples and Civil Partners Increased Threshold

    • Now when the second partner dies, the inheritance tax threshold can rise £650 000.
    • This is because the first spouse’s unused Inheritance Tax transfers to the second spouse.

    Tax planning allows you to think about your home, the value of investments, trusts and gifts. Early planning with us can save substantial amounts of money in the long term.

    We will advise you on reducing Inheritance Tax by explaining:

    • Reliefs and Exemptions - Spouse or civil partner exemption, charity exemption, annual exemption, small gift exemption, wedding gifts
    • Lifetime Planning - You can make a number of gifts of different sizes throughout your lifetime to reduce the value of your estate for inheritance tax purposes, but this has to be made correctly or can fall back into your estate.
    • Deed of Variation or Disclaimer of Inheritance - The transfer of inheritance directly to other family, friends or charities if you receive an inheritance, have no need for it and are worried about the effect it will have on your inheritance tax.
    • Spousal Bypass Trust - Trust that can be set up to receive funds such as death in service benefits. This is held for named beneficiaries outside of your estate.

    Team Members

    Cara Sandillon-Charlton
    Probate Solicitor
    Portsmouth
    Contact

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    Wills, powers of attorney and probate

    QualitySolicitors Large & Gibson of Portsmouth deliver expert legal advice on a range of private legal areas from Wills and Trusts, Inheritance disputes, Probate and Estate Administration to Powers of Attorney and Court of Protection matters.

    Estate administration

    When someone has died and you need to administer their estate, you may need help and guidance in dealing with the various financial and legal steps. Our expert solicitors and lawyers at QualitySolicitors Large & Gibson can steer you through.

    Inheritance and tax planning

    Your estate will be subject to various inheritance and tax laws so when planning for the future, you may need to consider the financial implications and impact of those laws. QualitySolicitors Large & Gibson’s expert Wills, Trusts and Probate solicitors can help you in understand the laws that will affect you, ensuring that your future plans reflect your intentions and are as financially efficient as possible.

    Making a will

    For many of us, making a will is something we know we should do but never quite get round to. Of course, it’s important not to put it off and the good news is that at QualitySolicitors, making a will could be much quicker and easier than you think.

    Power of attorney

    QualitySolicitors Large & Gibson help clients, both local to Portsmouth and those with family further afield with General Powers of Attorney, Enduring Powers of Attorney and Lasting Powers of Attorney. We assist clients to plan and protect themselves and loved ones and deal with situations where someone is unable to manage their affairs on their own.

    Will and inheritance disputes

    A death in the family can be a distressing time. When there is no Will, when the Will itself or the terms of the Will is disputed, that distress is all the more felt and you may want some legal advice and help to guide you through. Portsmouth based QualitySolicitors Large and Gibson can advise on any matter where a Will or inheritance is in dispute.

    Your local legal experts


    Why QualitySolicitors?

    QualitySolicitors is the largest network of law firms in the UK, with local law firms spanning the whole of England and Wales and customer service at the heart of everything we do.

    We are dedicated to providing the highest quality legal advice and expertise for our clients, but in a way that’s far friendlier, more accessible and clear-talking than you might expect from a law firm.


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