Inheritance tax planning London
Planning your inheritance tax based on the estate left in your will can be a complex and often difficult procedure, given that the rate of IHT is 40% on anything above the threshold. However, this can be reduced to 36% if more than 10% of your estate is left to charity in your will. Alternatively, we can inform you on a number of options available to ensure the value of your estate is not almost halved upon the event of death.
Gifting of property in London
Many people often wish to gift a property before they die, which would otherwise be left as part of their estate, in order to reduce inheritance tax fees. However, there are a number of other reasons you may wish to gift a property, such as the possibility of reducing future care home fees, or simply being able to see your family enjoy their inheritance whilst you are still alive.
Estate planning for London business owners
Estate planning for your business is vital, no matter the size of your company. We are able to help and guide you on a wide variety of inheritance tax planning and will writing services for business holders. This includes sole traders, business partners and shareholders of limited companies. Business owners in London are often unsure as to whether they should leave their business to their spouse, civil partner or business partner. Stephensons solicitors are available to help you decide which option is best for you.
Estate planning for London individuals
Estate planning for people based in London is a necessary and often essential task, given that those whose estate is worth over £325,000 may be subject to as much as 40% inheritance tax. Given the high property prices in the capital, it is highly likely that those who have lived in London for a long period of time may have an estate worth more than the threshold. You may be able to plan your estate however to take advantage of an additional IHT exemption on your main residence on death. This means it is vital to plan your will and the distribution of your estate carefully.
Get in touch
To discuss any of the above options with one of our London probate legal experts, please contact Stephensons today on 01616 966 229. Alternatively, you can fill in our online enquiry form and someone will be in touch with you very soon.
Why choose Stephensons?
On average London solicitors are 58% more expensive than elsewhere for probate*.
We are not based in London which means that we can charge less, but you still get a friendly, efficient and sympathetic service.
You do not need to go in and see a local solicitor because we can help you through probate without the need for you to come into the office. We offer video link appointments and are at the end of a telephone, so that you can deal personally with one of our expert probate lawyers who will help you through.
We know that when you have lost a loved one you will have lots of questions and it’s hard to manage all of the administrative things at that difficult time. So you will get a friendly, personal service from us, but without having to pay London prices.
*Legal Services Board – Price of Individual Consumer Legal Services in England and Wales 2020
The advice provided to non-face to face clients will be through electronic or written communication only e.g. by telephone and email. Stephensons Solicitors LLP assumes no responsibility for, and shall not be liable for, (a) verification of mental capacity or testamentary capacity (b) verification of any undue influence or duress involved (c) the execution of any documents.