Wills, trusts and probate
Inheritance tax
Ensure you protect the value of your estate by taking the appropriate legal measures.
The tax payable on an estate when an individual dies is called inheritance tax; this tax is also payable on certain types of lifetime gifts.
A simple tax planning process, as offered by our experienced and friendly solicitors, will help you arrange your affairs to make best use of the inheritance tax allowances and reliefs.
The methods we propose to our clients are always simple and straightforward and aim to protect your financial security.
Wills and gifts
Often the first consideration we take in the tax planning process will be to ensure a tax efficient will is in place. We are experts at advising individuals on how to reduce their tax bill upon death. We can save you thousands on your tax bill, ensuring your family is safely provided for.
We can also advise as to what type of lifetime gift to choose, preparing all the necessary documents on your behalf. The tax planning service we provide also enables us to handle the technical administration of trusts, such as annual accounts and tax returns.
Trusts and trust administration
Our advice on inheritance tax planning will always consider trusts. A trust is certainly worth serious consideration, if you have dependents who rely on you for their financial wellbeing.
Whether it is your spouse, children or grandchildren who need to be looked after financially, Howells’ experienced and friendly team of solicitors are here to help you choose and set up a trust, taking care to discuss your options without the long-winded legal jargon.
Gifts and inheritance tax
Many people consider making lifetime gifts to try and reduce inheritance tax on their estate. The basic principle is that provided a gift is made more than seven years before death, then it will be free of inheritance tax on death.
Of course, this process involves a significant amount of forethought, understanding and trust. Here at Howells, our expert team can advise and assist you on inheritance tax implications of making lifetime gifts.
How we can help
We put our decades of experience and expertise into practice to decide whether a trust will benefit your situation. We can explain the rules around taxation and lifetime gifts and help you structure your gifts in the most inheritance tax efficient way.
We help with the set-up of trusts, advise how to deal with HM Revenue and Customs, and educate on the costs of setting up a trust and running it in the long-term. Our dedication ensures well-drafted and clear trusts.
