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Inheritance Tax Advice & Planning

How can we help reduce your Inheritance Tax Liability?

Inheritance tax is a tax paid on your property and belongings (estate) when you die. It has to be paid before probate is granted and the inheritance is released, and can take a sizeable slice out of the wealth you wish to leave your family.

Your estate, for inheritance tax purposes, includes:
  • Your home and any other properties you own
  • Your possessions
  • Bank and building society accounts
  • Investments
  • ISAs
  • Insurance policies not paid out under trust arrangements
  • Overseas assets
  • Through estate planning, there are many ways our inheritance tax specialists can help you ensure you have enough money to live on now, whilst restructuring your finances to minimise the tax payable upon your death. For example, have your life insurance policy pay out into a trust rather than your estate. Many people will find their life insurance is not written into trust, therefore, rather than solving a problem, it now causes one. Similarly, leaving legacy wills – donating a portion of your estate to a UK charity – can help to reduce the tax burden.

    Other ways include:
  • Making gifts (if you make a gift and die within 7 years of making it, there may be inheritance tax to pay. These gifts are called “potentially exempt transfers”.
  • Structuring Wills to minimise inheritance tax.
  • Use of trusts can help when tax planning.
  • Business succession planning. One of the most valuable inheritance tax reliefs is business property relief, which allows qualifying business assets to be passed to the next generation free of inheritance tax.
  • Restructuring your inheritance plans following a marriage, or a divorce.
  • Structuring your affairs to make the most of reliefs.
  • Investments with favourable inheritance tax treatment.
  • Deeds of variation.
  • Overseas trusts.
  • Many more as each individual has bespoke needs.
  • If you require inheritance tax advice, contact the team at Paradigm Wills & Legal Services to discuss how we maybe able to assist you. Call us on Leicester 0116 464 7055 or London 0208 194 7189. Alternatively, complete the form on this page for a free, no obligation initial consultation.

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