Private Client, Wills, Probate & Estate Administration

Inheritance Tax Planning

Effective Inheritance Tax planning can ensure that you and your family make the best use of all available allowances and could save your estate thousands of pounds.

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Michael Prendergast Michael Prendergast

Partner, Private Client Department

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    What is Inheritance Tax Planning?

    Inheritance Tax can seem complicated and time-consuming to fully understand. With the complexities surrounding Inheritance Tax legislation, including the Residential Nil Rate Band, it is important to speak with solicitors that understand this area fully.

    Our team at Dickinson Parker Hill is in prime position to help you understand your options in relation to Inheritance Tax and how to maximise the available Inheritance Tax allowances.

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    What are the benefits of good Estate Planning?

    Estate Planning is an important process to undertake and regularly review as it ensures that your assets and prized possessions are passed on to your family in a safe and secure way, whilst at the same time reducing the impact of the potential Inheritance Tax bill.

    There are several ways in which Inheritance Tax planning can work, specific to each individual.Our legal team can take a look at your specific circumstances and advise you on your exact options in terms of Inheritance Tax planning and wider Estate planning.

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    What allowances can be used within Inheritance Tax Planning?

    There are a number of allowances that can be utilised as part of a lifetime Inheritance Tax planning process. These include:

    • Small gifts allowance
    • Gifts in consideration of marriage
    • Potentially Exempt Transfers (PETs)
    • Lifetime Chargeable Transfers (LCT’s)
    • Gifts of out of surplus income
    • Use of the annual allowance for Inheritance Tax purposes

    It is also important to consider your Inheritance Tax allowance and how any lifetime gifts will impact upon this. There is now also a need to consider your residence in light of the Residential Nil Rate Band, this can also impact upon your Will and how that is structured.

    For those considering larger gifts, in excess of the Inheritance Tax allowance, you also need to consider the availability of taper relief and how this effects the overall value of the estate and the Inheritance position of your estate in the event of your death.

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    What is the value of a Trust?

    A trust may also be a suitable vehicle, depending on your circumstances, for estate planning in an effort to mitigate Inheritance Tax. A trust can be especially useful if you are looking to preserve family wealth, protect vulnerable beneficiaries or maximise tax allowances. Our legal team can advise on a range of different Trust planning options and help you to find the best financial choice for your estate.

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    Are there other tax planning options on offer?

    Other tax planning options and considerations include using the exemptions relating to charities, those with business assets need to consider the availability of Business Property Relief (BPR) and those with agricultural property need to consider the availability of Agricultural Property Relief (APR).

    Ensuring sensible Inheritance Tax planning, with clear objectives from the outset, will help you to put in place a strong financial foundation for your family in the event of your death. Our team is here to help you maximise the benefits of that foundation.

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    Our Inheritance Tax Planning services

    At Dickinson Parker Hill, we understand that Inheritance Tax planning can seem complex and confusing to many individuals and families. That said, making sure it is undertaken can have a range of financial benefits for your family.

    We are able to offer a range of expertise and experience to handle all of the stages of the Inheritance Tax planning process for our clients in Ormskirk, Southport, Liverpool and around the North West. We have advised many clients on their Inheritance Tax planning and offer a bespoke estate planning service. This will often involve making use of lifetime allowances, using trusts and ensuring your Will is as tax effective as possible.

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    How can I move forward with Inheritance Tax Planning?

    For more information about Inheritance Tax and how our expert legal services can help you with thorough Inheritance Tax planning that makes a real and lasting positive impact on your family’s future, please feel free to contact our team today.

    Over on our contact page you’ll find an easy to fill contact form, allowing us to callback at a convenient date and time. Alternatively you can speak to us right away by emailing or by calling 01695 574201.

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