Inheritance Tax, Trusts & Estates
Managing tax planning and estate matters after life requires expertise and a thoughtful, tailored approach. Our tax specialists are dedicated to helping you protect your legacy and offer peace of mind for your loved ones. In difficult times, we are here to guide you every step of the way with expert advice and compassionate support.
Inheritance Tax
Most people will only come across Inheritance Tax (IHT) when dealing with the estate of a loved one, with IHT being payable on an estate that exceeds the available nil-rate and residence nil-rate bands, and any other reliefs. Generally, any excess will be subject to a 40% tax charge.  A charge to IHT may also arise in one’s lifetime, in certain circumstances.
Both the nil-rate and residence nil-rate bands were already frozen until April 2028, and in the 2024 Autumn Budget, it was announced that there will be a further freeze until April 2030. This extension, combined with rising property values, means more estates are likely to be brought within the scope of IHT.
No matter the size of your estate, our team can help you assess your current IHT exposure and work with you to develop sensible and timely tax planning advice. Taking action early can help preserve the value of your estate, reducing risk of unnecessarily high IHT liabilities that could otherwise deplete your wealth or leave your loved ones facing the burden of liquidating assets to settle the tax.
Inheritance Tax
Most people will only come across Inheritance Tax (IHT) when dealing with the estate of a loved one, with IHT being payable on an estate that exceeds the available nil-rate and residence nil-rate bands, and any other reliefs. Generally, any excess will be subject to a 40% tax charge.  A charge to IHT may also arise in one’s lifetime, in certain circumstances.
Both the nil-rate and residence nil-rate bands were already frozen until April 2028, and in the 2024 Autumn Budget, it was announced that there will be a further freeze until April 2030. This extension, combined with rising property values, means more estates are likely to be brought within the scope of IHT.
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No matter the size of your estate, our team can help you assess your current IHT exposure and work with you to develop sensible and timely tax planning advice. Taking action early can help preserve the value of your estate, reducing risk of unnecessarily high IHT liabilities that could otherwise deplete your wealth or leave your loved ones facing the burden of liquidating assets to settle the tax.
Trusts
Establishing a trust can be a pivotal component of effective estate planning. It ensures your assets reach the intended beneficiaries, offers asset protection (e.g., potentially from claims on divorce, bankruptcy, etc.), and allows the settlor to retain some control over the assets transferred into the trust.
Over the years, the tax advantages associated with trusts have declined, but there are still some benefits to a settlor when creating one.
We offer advice and support on various types of trusts including:
- Discretionary trusts
- Interest in possession trusts
- Special trusts for minors
Setting up the right trust and understanding its mechanics and compliance requirements is a fundamental part of effective tax planning.
Trusts
Establishing a trust can be a pivotal component of effective estate planning. It ensures your assets reach the intended beneficiaries, offers asset protection (e.g., potentially from claims on divorce, bankruptcy, etc.), and allows the settlor to retain some control over the assets transferred into the trust.
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Over the years, the tax advantages associated with trusts have declined, but there are still some benefits to a settlor when creating one.
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We offer advice and support on various types of trusts including:
- Discretionary trusts
- Interest in possession trusts
- Special trusts for minors
Setting up the right trust and understanding its mechanics and compliance requirements is a fundamental part of effective tax planning.
Estates
Acting as an executor or administrator of an estate can be a daunting process. It involves managing the assets, debts, and liabilities of the deceased, applying for the grant of representation, and determining whether the estate is excepted or requires an Inheritance Tax account. You will also need to calculate and pay IHT or other tax liabilities up to the date of death and during the administration period. Mistakes in the process could result in personal liabilities for any loss incurred.
We can provide as much or as little assistance as you need, to guide you through the process, and where we have already provided tax planning advice during your lifetime and had the opportunity to build a relationship with the wider family, we can help put your loved ones at ease during what is understandably a difficult and emotive time.
Contact Us
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