Inheritance Tax Advice and Services, Estate Planning and Trust Management

Estate Planning - why do it?

Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. The earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

Inheritance Tax Advice

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime. You should have a will and it should be reviewed regularly.

Protecting Your Assets

You may need to consider the implications of Local Authority Care and how to protect your assets. IHT will relieve you of 40% of your capital in excess of £325k. The Local Authority could take 100% of your capital in excess of £25k.

Trust Management

Trusts are a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net.


 

Inheritance Tax Key Facts 

Is Inheritance tax (IHT) payable on a lump sum cash payment received via someone’s will?

No - but you do have to pay tax on any income that is generated from a legacy

However, if you receive a lump sum or asset during that person’s lifetime, there is a possibility that you could pay IHT if they die within 7 years of giving it to you.

A person is allowed to give away IHT free

  • any amounts of income
  • £3k per annum
  • lump sum gifts on marriage
  • small gifts of £250

 

This is a complicated area  - contact Hill Lillis for advice and support in putting your plans in place or dealing with probate issues.

Services Available
 

Inheritance Tax and Estate Planning Services

We provide a discreet comprehensive estate planning service that includes:

  • Help with planning and reviewing a will
     
  • Making full use of exemptions and lower tax rates on lifetime transfers
     
  • Optimising lifetime transfers between family members
     
  • Transferring agricultural or business property
     
  • Transferring assets into trust 

 

 

Trusts

We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.