Tax and Trusts Solicitors Ledbury

As we grow older, it’s important to take time to draw up a Will, to provide for those you love when you are gone. While you may already have a Will in place, you may not be aware of the possible tax implications that your loved ones may face after you have passed away.

At Redkite Solicitors, we understand how important it is to distribute your estate according to to your wishes. Our tax and trust specialists are here to help guide you through tax planning and trusts, helping you pass on your inheritance to your loved ones in the safest and most cost-effective way possible.

Contact us today by calling 01531 632 226  or complete our online enquiry form.

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Why choose our Tax and Trusts Solicitors?

You can rely on our professionals to help you take care of your best interests, whether in the planning of your estate or advising you on how to start the process. Our team of experts have extensive knowledge of all aspects of trust preparation and will provide you with the practical advice needed to help you reduce any inheritance tax due on your property.

We acknowledge that every client is unique. Every individual has his or her own particular concerns and responsibilities, therefore we do not apply the same methods to every case. We take the appropriate time to consider the individual circumstances and to establish a tailored approach to meet your needs.

The main objective is to secure the things that you have worked so hard for, and to help you make plans with someone you are leaving behind.

With offices across Ledbury, Cardiff, Carmarthenshire, Pembrokeshire, Swansea, Gloucestershire and Ledbury, you can contact us at any time to speak to a member of our Tax Planning and Trusts team.

What our clients say

I was very pleased with the courtesy of the ladies who attended to my requests and particularly so at the time when I had my accident – they were extremely helpful.

Paul James' support has been invaluable in effectively progressing key contractual requirements. His knowledge and expertise in contract and procurement matters is exceptional. Would not hesitate to engage Paul's services again in future should the requirement and opportunity arise.” (dated March 2017).

The reason I used Redkite is that most solicitors don’t have the area of expertise that I required.

Redkite have provided assistance through several particularly difficult issues. Their advice has been professional, thorough and specifically tailoured to the needs of our business. The staff are approachable, knowledgeable and realistic in the advice they provide.

Redkite were recommended to me and I would do the same, fantastic service.

I have to say that everyone I have come into contact with from the receptionists to the solicitors have always been excellent. The advice I have been given formally and informally has always been clear and concise which is always a weight off your mind when you are dealing with the affairs of your loved ones.

How can our Tax and Trusts solicitors help you?

We have extensive experience in various Tax and Trusts sectors, our experts specialise in:

  • Trusts – a legal agreement in which you grant another person the right to take control of an investment or funds for the benefit of a third party. When you invest your money into a trust, you will no longer own the properties, as long as other conditions are met. It ensures that they will not contribute to the Inheritance Tax rate.
  • Appointing Trustees
  • Acting as a Trustee
  • Administering the Trust – Trusts are handled differently according to the type of assets involved. A trust is administered by a trustee, and the beneficiary is the third party who benefits from the trust.
  • Lifetime Tax Planning – This is important for those with properties that are priced at more than the level of inheritance tax.
  • Lifetime Gifts
  • Succession Planning
  • Post-death Tax Planning – In some circumstances, a person dies without completing his or her tax planning. If that is the case, a loved one can still reduce the tax liability by implementing post-death tax planning strategies.

Although Wills and Trusts are the main tools for tax planning, as part of our overall tax planning strategy, we can help with the transfer of business and personal properties over your lifetime. If a situation demands additional advice, we can work closely with specialist solicitors, accountants and independent financial advisers to find the best solution for you.

You can contact us today for more guidance on tax planning and trusts. Call 01531 632 226  or complete our online enquiry form.

Tax and Trusts FAQs

What is a Trust?

A

Establishing a relationship is of tremendous benefit to people who aim to make arrangements for their loved ones after they have passed away. This is a legal agreement which grants a third party to control those assets for a given period of time in the interests of the beneficiary. The trustee is the person in charge of the properties.

What is Inheritance Tax?

A

Inheritance tax is the tax due to be paid to the state on the basis of the value of the assets inherited. The official requirement for inheritance tax is £325,000. If the inheritable estate is worth less than this sum, you will not have to pay inheritance tax. If the total is £325,000 or higher, the estate tax will be charged. The limit is 40% of any amount above the maximum.

Through enforcing such measures, the taxes owed to the Government may be reduced. A trust is a common way to reduce inheritance tax. Any amount of money deposited in a trust will no longer be included in the Inheritance Tax, if certain requirements are met. You're not going to own any funds that you placed into trust and instead it's going to be turned over as a gift to your beneficiary. This is one way of ensuring that your dependants get the full value of your assets while at the same time reducing the total valuation of your house. If your estate is just above the mark, the technique would be of use to you.

Our dedicated team will ensure that you receive the help you need. Different strategies are applied differently on the basis of individual situations and issues.

Why should I set up a Trust?

A

Setting up a trust will minimise inheritance tax and could remove taxes entirely. Another important factor in contemplating trusts is whether there is a reason that your children or beneficiaries cannot handle their own finances. If that is the case, you will instruct the Trustee to provide the recipient with funds on a regular basis and ensure that they are covered.

Trusts are also essential for those who are relying on capacity issues, such as mental illness. Some individuals may not be in the most appropriate position to manage their finances. You're supposed to set up a trust to prevent this.

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