Inheritance tax planning in Harrow, Mayfair and across London
Making the right plans to take care of what happens financially after your death is not a topic many people look forward to, but is an essential step if you are serious about protecting your wealth. Otherwise, inheritance tax (IHT) will be levied at a hefty 40 per cent on the total value of your estate above £325,000 – so forward planning is essential if you want genuine peace of mind.
Our estate and inheritance tax planning specialists work with you to identify ways to minimise your IHT liabilities.
We’ll look at tax-minimisation opportunities, including trusts, and help you make best use of the gifts and exemptions allowed under IHT rules, including lifetime gifts, annual gifts, gifts to charities and agricultural and business property relief.
Estate planning is not just about what happens when you die.
At Alan Solomons we’ll make sure plans are in place to give you financial security during your lifetime and take into consideration the possibility of long-term care costs.
We can also advise on life insurance policies written in trust, a simple device that gives your family a tax-free lump sum towards any inheritance tax on your estate.
Deathbed inheritance tax
A couple of years ago we were approached by a firm of accountants who had a client with only three months to live. We later discovered that one month had already gone by leaving us with only two months to find and implement an inheritance tax saving strategy. Most people are aware that most inheritance tax saving strategies require either seven or at least two years to elapse. We found a strategy that was implemented in time that saved the family £600,000 in inheritance tax which was just as well as the client died very much in line with the doctors prediction.
Read Similar case studies and testimonials