When the time comes, some of us may wish to give our assets to children or grandchildren. Planning ahead for when you die allows you to set out in a clear manner who should receive what from your estate.
Inheritance Tax is charged on these assets on a person’s death and in some cases on gifts and trusts.
KK Law can help you think through your plans, the financial impact and provide tax advice which can help you reduce the level of inheritance tax that would be paid on your death.
There are a number of ways in which we can assist you to reduce any potential liability including some more complex planning arrangements which we can help you put in place and save substantial amounts of tax.
Family homes can attract huge liabilities though fortunately there are many 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 are a strong and established way to protect assets for beneficiaries and even future generations.
They have strong tax advantages and can also act as a kind of insurance to the potential financial pitfalls that beneficiaries and descendants might encounter.
It is possible to greatly reduce the tax liability of an estate by distributing assets by at least seven years prior to death.
Reliefs & Exemptions
To minimise any liability, there are a range of reliefs and exemptions available which our eam can advise you on.