Inheritance tax is a complex and often difficult subject to navigate.
Using solicitors in Gwynedd can help dispel some of the complexities and confusion about this matter, and ultimately help someone save money and protect their assets. Exemption schemes and proper estate planning are all tools that may be employed to reduce the inheritance tax burden.
One key activity that could reduce the inheritance tax bill when someone dies is to explore the option of lifetime gifts. Some of the actions that would fall under the category of lifetime gifts include giving someone cash or other gifts while the testator is still alive. Gifting to political parties and charities may also fall under this practice. Once someone survives seven years after this gifting, the gifts will be exempt from inheritance tax. Farming families or those who own parcels of land can also examine the option of agricultural property relief or even business property relief.
Solicitors in Bangor could also examine the option of tax relief if a property the testator owns is an historical or heritage building. Specific rules apply to these circumstances such as tax exemptions so appropriate legal advice is essential. Important pieces of art may also be subject to particular tax rules. Often the trade-off for more favourable inheritance tax conditions is to preserve and look after these buildings and artwork for the benefit of the nation.
Take a moment to contact us at Bennett Smith Solicitors and ask for our help to manage your estate and plan for inheritance tax issues.
