Inheritance Tax (IHT) is a form of tax that may be due on your estate when you die, lowering the value you will be passing on to your beneficiaries (those who you wish to leave assets to).

Inheritance Tax will be applied to any estate (property, money, possessions, shares) that are worth more than £325,000, unless you are leaving your estate to a surviving spouse. If your estates value is above this limit, then everything that is over the threshold will be taxed at 40%.

It is important to remember that if your permanent home is in the United Kingdom, but you have assets elsewhere in the world, for instance a holiday home abroad, then they will still be counted as part of your estate when Inheritance Tax is being calculated. Likewise, Inheritance Tax will still be liable on any UK property and/or assets above the £325,000 threshold, for foreign nationals.

Tax planning involves thinking about your home, the value of any investments, trusts and the making of gifts to limit any tax implications. At Jordans Solicitors we understand the rules and implications of these decisions, we make a complex area of law and financial planning simple and use plain English to make certain you understand any decisions made.

The following are some of the areas our expert team will be able to assist you on:

• IHT and Estate Planning
• Drafting your Will
• Donations to Charities
• Trusts
• Tax-free allowances
• Lifetime gifts
• Potentially Exempt Transfers (known as PETs)

Arrange an appointment with our team and begin planning for your family’s future today.