Estates & Trusts Solicitors Malton, York and Wetherby
Our solicitors can work to protect your assets for future generations and reduce your tax liability on death.
We can offer a breadth of solutions, including advice on setting up and administering trusts. The taxation areas covered by our Estates & Trusts team include:
- Inheritance Tax reduction planning
- Income Tax
- Capital Gains Tax
- Estate Administration, including the responsibilities of the Executor
We are members of the Law Society’s Probate Section and the Society of Trust and Estate Practitioners (STEP).
What is Inheritance Tax?
You may have to pay Inheritance Tax (IHT) on your estate when you die. IHT is charged at a rate of 40% on the value of your estate above £325,000. This threshold is known as the Nil Rate Band (NRB). Couples can transfer any unused NRB to their surviving spouse or civil partner. Your Executor is responsible for paying any IHT that is due.
What steps can I take to reduce my Inheritance Tax liability when I die?
Reducing your IHT liability can be a complicated process. Some of the steps you can take include:
- Regularly making gifts of up to £3,000 a year
- Putting assets into a trust for your beneficiaries
- Leaving a legacy to charity
- Leaving your estate to your spouse or civil partner
- Paying into a pension rather than a savings account
Contact Estates & Trusts Solicitors in Yorkshire
Our solicitors are available now to discuss your options for reducing your tax liability on death. Call us today on 01653 692247 (Malton) or 01904 716000 (York) or 01937 583210 (Wetherby), or complete our online enquiry form.