Inheritance tax planning can be defined as constituting the steps you take to ensure that your estate and legacy are passed on to your intended beneficiaries without as little tax liability as possible. Far from being an exercise in avoidance or exploiting loopholes, IHT planning is simply about making full use of the law to further the interests of those you wish to provide for.
Inheritance tax planning is a prudent course of action which has grown in popularity throughout West Sussex and Hampshire in recent years. So whether you live in Chichester, Havant, Midhurst, Emsworth, Bracklesham, Petworth, or elsewhere, one or more of the following options might be right for you.
With the South having some of the most expensive property prices in the country, family homes can attract huge liabilities. Fortunately, there are many viable and legal schemes available to those who wish to avoid incurring huge taxes, whether they wish to sell the property after death or keep it in the family.
Trusts have been around for centuries and are a strong and established way to protect assets for beneficiaries and even unborn generations. They have strong tax advantages and can also act as a kind of insurance to the many potential financial pitfalls that a testator’s beneficiaries and descendants might encounter.
By distributing assets by at least seven years prior to death, it is possible to greatly reduce the tax liability of an estate.
There is a bewilderingly wide array of reliefs and exemptions available to minimise liability, by having the advice of a specialist inheritance tax planning advisor, you can ensure that you make the most of those that are right for you.
If you own a family business or farm, you can use business and agricultural tax relief to ensure your successors do not become liable for otherwise punitive tax liabilities.
For clear and dependable advice on inheritance tax and other, wills, probate, and HMRC matters, please contact our solicitors in Chichester and Bognor Regis today. Alternatively, for direct contact details please click through to our solicitor profiles as featured on this page.