Inheritance Tax Solicitors Near Me

Inheritance tax can significantly impact your estate and the value of assets left to your loved ones. When looking for ‘inheritance tax solicitors near me’, it is vital to ensure that your chosen solicitor specialises in inheritance tax planning and can effectively minimise the effects of this hefty tax. Our Great Yarmouth and Norwich Solicitors for inheritance and tax planning provide concise, straightforward and cost-effective advice to ensure that those you love will receive the maximum benefit from the gifts you leave to them.

Please call us now on 01603 672222 for a no-obligation conversation today or Click Here To Make An Online Enquiry.

What Is Inheritance Tax?

Inheritance tax is a one-off tax paid on the transfer of your estate when you die. Not all estates are subject to inheritance tax. There is usually no tax due if the value of an estate is under the inheritance tax threshold, currently set at £325,000. If your estate is worth over £325,000, inheritance tax is charged at a rate of 40% on the value exceeding that amount. So, if your estate is worth £700,000, the inheritance tax due will be 40% of £375,000.

What Do Inheritance Tax Planning Solicitors Do?

You are undoubtedly keen to ensure that your loved ones will benefit as much as possible from the estate you have worked hard to build. Inheritance tax can reduce the value of your estate by a significant amount. To mitigate its impact, our specialist Inheritance and tax planning solicitors will work closely with you to develop a comprehensive inheritance tax strategy bespoke to your estate and requirements.

Examples of the options our inheritance tax solicitors may advise you to consider include –

Carefully choosing beneficiaries – if you leave your entire estate to your spouse or a charity, there is usually no inheritance tax payable;
Making gifts – gifting money to friends and family during your lifetime not only allows you to help them sooner, but it can also considerably reduce the inheritance tax due on your estate after your death. Strict rules apply to gifts; our specialist Inheritance and tax planning solicitors will advise on pertinent matters such as the value and timing of your gifts and any implications they may have on other types of tax;
Using property allowances – leaving your main home to your children or grandchildren will increase your tax-free allowance by £175,000, from £325,000 to £500,000;
Setting up trusts – a trust is a legal arrangement whereby a third party takes control of certain assets which must be used for a specified purpose. An example of a situation in which a trust might be used is to support a person who is incapable of managing their own money. Trusts can also be a useful way of protecting elements of your estate from inheritance tax. By placing assets in a trust, they will be excluded from an inheritance tax calculation provided the relevant criteria are met.

What Should I Consider When Looking For Inheritance Solicitors Near Me?

Inheritance tax planning is a vast and hugely complex area of law. It encompasses many areas of legal practice including tax, trusts, wills and probate, family and property. It is crucial that you instruct a solicitor with expertise in inheritance tax planning who will give clear, straightforward advice to enable you to consider all available options and plan accordingly.

Our expert solicitors have extensive experience in each of the relevant practice areas. They provide a multidisciplinary service that deals with all aspects of inheritance tax planning.

Examples of tasks our inheritance solicitors might carry out on your behalf include –

Devising a comprehensive inheritance tax strategy to ensure any inheritance tax liability is effectively minimised;
Filing inheritance tax returns;
Dealing with international inheritance tax issues;
Ensuring the terms of your will keep the amount of inheritance tax payable to a minimum;
Setting up and administering trusts;
Advising on, and appealing, inheritance tax decisions made by the tax tribunals or HMRC

How Much Will Inheritance Tax Solicitors Near Me Cost?

Our solicitors understand that legal costs can be a cause for concern for many clients and strive to give first-class legal advice in a cost-effective manner. The costs of a matter will depend on the complexity of the estate and the time required to develop a comprehensive inheritance tax strategy and deal with any other tasks. Our billing procedures are wholly transparent, and our solicitors will ensure you fully understand the basis on which you will be charged from the outset. You will receive regular fee estimates, breakdowns and updates. Any queries you may have with regard to costs will be addressed swiftly and comprehensively.