When writing your Will, it can also be utilised to be tax efficient. Without proper inheritance tax planning, your family could be faced with a large tax liability when you die, considerably reducing the amount your loved ones receive. If you die and your estate is over a certain value, your beneficiaries may be liable to pay inheritance tax at 40% of the value of your assets above that amount.
By taking advice on Inheritance Tax planning, you may be able to:
- Mitigate Inheritance Tax
- Keep your assets within your family
- Protect your Inheritance Tax allowance if you were to die and your partner were to re-marry
- Protect assets passing to children/grandchildren from the risk of their becoming bankrupt or divorced.
- Protect assets for your surviving spouse
- Protect assets from Care Home fees
Contact us to ask about our tax planning services
At W Davies we can provide you with expert advice on all of the above. If you would like more information on tax planning, or would like to speak to one of our solicitors in Woking, please contact us on 01483 744900 or use the enquiry form opposite.