Helping you protect your legacy
Inheritance tax is paid on the estate (money, property and possessions) of someone who has died, if it is worth more than £325,000. Our specialist trusts and inheritance tax solicitors have in-depth knowledge about how best to protect your assets for your family when you have passed on. We will simplify the process for you, ensuring you have peace of mind that your family will be supported and your legacy protected.
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We’ll be your inheritance tax planning guides
To ensure as much of your money and possessions go to your loved ones as possible, and optimise the legacy you leave behind, there are various options available. You may be entitled to allowances or reliefs, and be able to distribute your wealth before your death by way of lifetime gifts, trusts, and charitable gifts. Your dedicated solicitor will cut through the legal jargon and explain the options available to you in a clear, transparent way, so you feel empowered and confident.
If your estate is worth more than £325,000, inheritance tax is charged at 40% on the amount above this. In addition to the options mentioned above, you may be eligible for business property relief, agricultural property relief or the use of ‘potentially exempt transfers’. We will assess your unique family circumstances and provide you with a plan tailored to your wishes.
Why choose
CWC Solicitors?
Our top priority is that you feel supported and confident throughout the sensitive inheritance tax process. You will be allocated one of our specialist solicitors who will be your trusted guide from the beginning to the end of the process. You will have direct access to your solicitor who will provide you with regular updates. And, you’ll receive personalised care and attention to ensure your wishes are reflected. We aim to work as swiftly as possible to help achieve a positive outcome for you.
Frequently asked questions
Still unsure or need something explained properly? Contact us, and we’ll guide you through it.
1. What is inheritance tax and how does it affect me?
Inheritance tax is paid on the estate – including money, property and possessions – of someone who has died, if it is worth more than £325,000, after applying any relevant allowances. If your estate is worth more than £325,000, inheritance tax is charged at 40% on the excess amount.
2. How can CWC Solicitors help with inheritance tax planning?
We offer an in-depth, comprehensive, fully personalised service, which includes reviewing your estate, advising on potential tax reliefs and exemptions, and implementing strategies to reduce your tax liability.
3. Can I reduce the amount of inheritance tax my family has to pay?
Yes, there are a number of legitimate ways to reduce inheritance tax liability including gifting assets during your lifetime, setting up trusts, making charitable donations, and taking advantage of tax-free allowances. We can advise on the most effective measures for your circumstances.
4. What should I expect during the inheritance tax planning process with CWC Solicitors?
You will be allocated one of our friendly and approachable specialist solicitors who will explain the options available to you in a clear and concise way. We will discuss your unique objectives and financial situation to create a plan tailored to your specific needs.
5. Are there any inheritance tax exemptions or reliefs specific to the South West?
No, inheritance tax laws do not vary by region, however our knowledge of local demographics and economic trends, such as property values, enables us to provide informed advice to people living in the South West.
6. How often should I review my inheritance tax planning?
We recommend you review your strategy at least every five years or in response to changes in your personal circumstances such as getting married, divorced or having children; also if there are changes to tax laws.
7. What documents are necessary for inheritance tax planning?
Key documents often include your Will, trusts, deeds of gift, and any documents relating to business or property ownership.
8. Can business properties affect my inheritance tax planning?
Business properties may qualify for Business Property Relief, potentially reducing the taxable value of your business.
9. How do trusts work in inheritance tax planning?
Trusts can be used to manage how your assets are distributed and can often offer tax benefits. They can be complex so legal expertise is vital to establish the right trust for your needs.
10 How can I get started with inheritance tax planning with CWC Solicitors?
Please get in touch to arrange an appointment with one of our friendly team. We will provide you with initial guidance and outline how we can help create your bespoke inheritance tax strategy.
Related services
Inheritance Disputes
We understand the sensitivities involved in inheritance disputes and will explain the options available to you in a clear, concise way. We will ensure you are fully informed and feel confident about the pathway forward.
Writing a will
Our specialist solicitors will guide you through the Will writing process with compassion and clarity to ensure your wishes are fulfilled and your legacy is protected.
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