Inheritance tax (IHT) can be a complex matter, so using solicitors in Porthmadog is essential. These experts can advise and guide you on a range of topics such as tax thresholds and other financial issues. Solicitors can help you get your affairs in order before your death so you and your family or loved ones do not have to worry.
Inheritance tax is the tax charged to an estate left in someone’s will in the event of their death. A 40% tax bill is usually applied to assets above a certain threshold, but these limits can change depending on the situation and how your estate is divided.
Using Wills solicitors in North Wales can help you save money and untangle the complicated rules attached to this tax. A legal expert, for example, can offer advice on how to divide up your assets to help minimise your inheritance tax bill. This could include advising on gifting assets before you die and charitable donations.
Solicitors could also help you decide what to do with a business or piece of land you won to help avoid paying more inheritance tax than you are comfortable with. Experienced solicitors in this field can also advise on the best way for you to do this.
Here at Bennett Smith Solicitors, we can help you put your affairs in order so your family and friends can deal with your wishes in the way you would want them to. Contact our specialist team today now for further advice.
