The rising cost of long term care provision and the legal minefield surrounding effective inheritance tax planning are a major concern for many people today.
In order to protect your loved ones and to minimise any tax bills it is essential to seek professional advice and plan ahead.
Making a Will and being sure people know where to find it is the first step to making sure that your estate is shared out exactly as you want it to be when you die.
If you do not leave a Will, your estate will be shared out among your next of kin according to a strict order of priority called the 'rules of intestacy'. This means that people you want to benefit from your estate - such as a partner you are not married to or in a registered civil partnership with - might get nothing.
The inheritance tax threshold is currently £325,000 for individuals and £650,000 for married couples or civil partners. Our team can answer your questions and advise you on tax liability (and saving) in relation to life time gifts, saving tax on Wills (even when someone has died), Trusts and exempt gifts.
They will also explain annual exemptions from Inheritance Tax, 'Potentially Exempt Transfers' (PETs) and who is liable for the tax on the gift and tax planning if you are the beneficiary of a Will (by 'rewriting' the Will through a Deed of Variation).
The private client team at Nicholsons Solicitors are experts in tax planning, and can guide you through each stage of the legal process, providing straightforward, practical advice.
If you would like to discuss any issue related to Trusts, Wills or tax planning do not hesitate to get in touch on 01502 532 300 or email admin@nicholsonslaw.com