Inheritance Tax Planning Legal Advice Glasgow, Scotland
Whatever your thoughts on Inheritance Tax (IHT) it is sensible to know what the effect of this tax will be on your estate and whether there are any steps, simple or complex, that can be taken to mitigate it. Our solicitors can help you with inheritance tax planning. While we do not advise on how to avoid inheritance tax rules and regulations, we can help you to minimise your inheritance tax liability..
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What is Inheritance Tax?
Inheritance Tax is payable on the value of a person’s estate on the date they die and/or on certain gifts made during their lifetime. At the present time, the rate of inheritance tax payable is 40%.
Inheritance Tax is slightly different from other taxes in that with a bit of forward planning, many people will certainly manage to reduce, and in some cases, completely avoid, any liability to inheritance tax. Exemptions and reliefs can be constructively used to minimise liability.
IHT Planning Solicitors Ayrshire, Glasgow, Scotland - Clear & Comprehensive Advice
At Raeside Chisholm we can provide clear and comprehensive advice on how best to manage your financial affairs. Working in conjunction with a range of specialists, the inheritance tax planning service is tailored to your individual financial situation. There are a variety of things that you may wish to consider to minimise your inheritance tax. The first thing is a properly written Will which is a basic part of effective tax planning and could reduce the amount of inheritance tax you pay. Everyone should have a Will detailing what will happen to their assets in the event of their death.
We will work with you to ensure the best possible solution. Our Solicitors will look at what measures can be taken during your lifetime to minimise your liability to taxation.
Each person has a unique set of family and personal circumstances and we would always remind clients that the decision about gifting assets or changing your Will should never be made solely for tax reasons.
Our team gives practical, tailored advice for your personal needs and circumstances.
For more information or advice on tax inheritance planning, please contact one of our team.
Organising your estate or “estate planning” is what people do to minimise or remove any liability such as tax that may be due on their estate when they die, particularly when some or all of the estate has been identified as being passed on to other members of their family. One of the most effective ways of reducing or limiting your liability for inheritance tax is to reduce the value of your estate before it needs to be valued, that is, when you are no longer alive. There are different ways that you can easily reduce the value of your property. These include:-
- Using tax allowances
- Creating a Trust or
- Making a gift
A professionally drafted Scottish Will containing a suitable trust is vital to help you mitigate any potential inheritance tax you may be faced with and more and more people face such a bill for the reasons previously stated.It is important that you receive proper advice and guidance in relation to your Will and estate planning to ensure that the assets and property which you have achieved through a lifetime of hard work go to people to whom you would wish to benefit from them.
Drawing up a Will also ensures that you take advantage of all exemptions and relief available to you to avoid paying IHT. It is also important to keep your Will updated as your life changes.
IHT Planning Solicitors - Get expert advice on how best to arrange your affairs inc property
Our solicitors can help you understand the legal rules that apply to you regarding inheritance tax in Scotland and can advise on how best to arrange your affairs, including assets such as property, with Inheritance Tax in mind. Ensuring that inheritance tax concerns are provided for in Wills is particularly important.
Based in Glasgow, Scotland, we help people across Scotland with their inheritance tax planning.
