In addition to the income tax we pay during our lifetime, we are all subject to paying tax upon our passing, known as inheritance tax (IHT). The standard IHT rate stands at 40% of any estate which is valued over and above the nil-rate band allowances.
It is possible to reduce the amount of IHT due or avoid it entirely. An estate and tax planning solicitor can talk you through the available options and guide you through the process.
Our estate and tax solicitors have considerable knowledge on the different ways to reduce the amount of IHT your estate may owe upon your passing, from donating a portion to charity, putting assets in trusts, leaving assets to certain individuals and more.