Wills and Lifetime Financial Planning
Navigating the complexities of tax regulations can be daunting, but receiving expert advice can prevent unnecessary tax payments. With strategic planning to utilise your exemptions and reliefs, our team of lifetime tax planning specialists can optimise your estate and minimise tax burdens in the future.
Inheritance tax can be a costly and controversial tax. With advance planning and specialist advice the impact of this tax on your estate once quantified can be managed with the use trusts, gifts, exemptions, and reliefs. Our expert lawyers will be pleased to make recommendations of effective strategies to manage, decrease, or potentially eliminate an inheritance tax liability.
Capital Gains Tax (CGT) can relevant for both lifetime and post death transfers of assets, however, there are separate reliefs and exemptions available to mitigate this lifetime capital tax. Once again expertise in balancing your requirements, available exemptions and reliefs and the differing tax exposures will be crucial to minimising your overall tax bill and ensuring eligibility for these exemptions.
Proper estate planning can have a significant effect on reducing your inheritance tax (IHT) liability. IHT is usually charged at 40% on anything in excess of your nil rate band. As such, undertaking early planning can help to ensure that more of your money passes to your beneficiaries.
Tax planning allows you to make the most of available reliefs and exemptions to reduce any future tax liability you might have.
This is the threshold before IHT is charged. Currently, this is £325,000. Anything in excess of this figure is likely to be charged to IHT, although there are further exemptions that can apply.
Capital Gains Tax (CGT) is a tax paid by the a person who disposes of an asset which has risen in value since the owner acquired it. CGT doesn’t usually apply to your main home but can apply to any further properties and investments.
It is important to remember that lifetime tax planning is only one thing to consider when planning the future transfer of assets. It can be tempting to focus exclusively on your tax liability to the detriment of your other priorities and wishes. Our team of lifetime tax planning experts can discuss your individual situation with you so that we can to achieve your objectives in the most tax efficient way possible.
If you need lifetime tax planning advice then please don’t hesitate to reach out to our team of experts at John Hodge Solicitors and John Hodge Financial Planners based at our Weston-super-Mare, Clevedon, Yatton, Bridgwater, Bristol and Wedmore offices.
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