Video length: 48s
Specialist Wills, Probate, Tax and Trusts solicitor Victoria Motley, talks about how she can help you plan for your family's future with help from Forbes Solicitors
Hello, my name's Victoria and I'm one of the solicitors working in the Wills, Probate, Tax and Trusts department. I can help you plan for your family's future.
We can help you make a will, put in place a lasting power of attorney, set up a trust to protect an asset or a family member, we can offer advice on inheritance tax planning and help you plan for the succession of your family business.
We recognise that our clients want more than just the legal documents. They need practical advice to get the best for their family.
So if you want help planning for your future and your family's future then please contact us today via the enquiry form on the website or telephone us.
Inheritance Tax is a tax that is levied by the government when wealth is gifted either during your lifetime or on your death.
The current Inheritance Tax limit for the 2014/2015 tax year is £325,000 and this allowance is known as the Nil Rate Band. If the total value of your financial assets is more than the Nil Rate Band, it is possible that Inheritance Tax may be payable on the value of your assets over this amount. The rate of Inheritance Tax upon death is currently 40%.
Inheritance Tax payable on death is based on the value of your estate when you die. This will include:
People who are UK domiciled (i.e. were born here or have moved here and severed ties with their country of birth or have lived permanently in the UK for 17 of the last 20 years) are liable to Inheritance Tax on their UK and worldwide assets. People who are not UK domiciled are liable to Inheritance Tax on the value of their UK assets only.
There are some beneficiaries who are exempt from paying Inheritance Tax - these exemptions include charities and your spouse (although you should bear in mind that anything you leave to your spouse will increase the value of their estate and may result in a tax liability on their death depending on the value of the estate). Some assets also attract relief from Inheritance Tax e.g. agricultural and business assets.
If you think that your estate would be liable to Inheritance Tax and are worried about it, the first thing you should do is get legal advice from an Inheritance Tax Solicitor.
There are several things that can be done to minimise your Inheritance Tax liability. Our specialist team of Inheritance Tax Solicitors can help you arrange your financial affairs in the most tax efficient way possible.
Get in touch to see how our experts could help you.
Excellent in every way.
Thank you to Patricia Prescott and her staff who dealt patiently and efficiently with my many queries.
All staff were helpful and approachable. Victoria Motley made what is a daunting experience bearable.
The staff were very friendly and approachable.
There was a quick and clear response to all questions raised.
The service I received from Victoria Motley was excellent.
Thanks to Victoria Motley. Very professional and efficient firm.
Everything was explained fully to us in terms we understood. Thank you Jennifer for making things so easy for us.
Approachable, professional and friendly service. A strong combination, thank you.
May I personally thank you for your professionalism and courtesy throughout our meetings.
The service provided was first class