The laws related to inheritance taxes are incredibly complicated. If an elderly person in the family has died, such as a parent or a guardian figure, and has left you a hefty inheritance amount, it is generally recommended that you first talk to a legal expert who specialises in handling such cases. Many people who don’t seek legal advice end up paying an excessive amount of money to the government just because they didn’t plan accordingly. It is incredibly important that you seek advice from a tax lawyer before making your decision.
Inheritance tax lawyers offer a variety of services associated with estate planning. According to the tax laws of the UK, you real estate will be taxed if it has a value of £325,000 or higher. However, there are a few exemptions to this which include your personal finances and the circumstances in which the property was acquired. Before you start applying for possession, it’s better if you consult with an experienced lawyer first.
Why Hire a Lawyer?
A lawyer that specialises in handling inheritance tax can make life incredibly easy for you. The lawyer will first take a look at your case and then give you an idea about how much tax you will be expected to pay. Once you sign the retainer and bring the lawyer on board, he or she will try and maximise all available reliefs and exemptions including relief related to business property in order to reduce the amount of tax you will have to pay. They will also advise you on lifetime gifts, including those gifts which are included within the trust.
If you are going to write a will, your lawyers will read it for you and try to make it as tax efficient as possible. Of course, if you already have any trust arrangements in line, the lawyers will make sure you get the tax benefit from those as well. Keep in mind that only a certain amount of the estate can be passed off as tax-free, the rest will be subjected to the local tax as provided by law. However, this allowance can be increased if you plan on passing the estate to your kids in the future.
It’s unlikely that you would have detailed knowledge about the tax laws unless you are practicing in this field. If you have come into a large amount of inheritance, make sure you talk to a lawyer to claim maximum tax benefits. Spending a little bit of money when hiring a lawyer will eventually result in greater tax benefits and help you save more money when claiming the inheritance.