Solicitors can advise you how to reduce your inheritance tax bill in the event of your death.
There are a number of ways you can do this, but legal advisors can ensure that any actions are carried out legally and in a timely manner. For example, one of the most popular ways of reducing inheritance tax is to give gifts while you are still alive.
The value of gifts under the exemption rules often change, so it is important to seek legal advice before beginning this process. Giving a specific amount of cash or gifts can be done each year or at special occasions such as weddings or civil ceremonies. Living beyond seven years of the gift giving will ensure no tax is paid on these, though if you die before this, the recipients may be liable for paying some amount of tax.
If you have a partner when you die and you leave everything to them in your Will, they will not have to pay inheritance tax. It is also worth noting that any tax allowance which is not used by you could be passed on to your spouse, which ultimately could massively reduce their inheritance tax bill when they die.
Careful planning is vital, and Wills solicitors in North Wales can support with reducing any inheritance tax liability.
Speak to us now here at Bennett Smith Solicitors and request to spend some time with one of our advisors to discuss all things relating to inheritance tax.
