Tax Planning and Trusts Solicitors Stonehouse

As we grow older, it becomes essential to take the time to contact a solicitor and make a valid will. You must make arrangements for those you love, for after you are gone. While you may already have a Will in place, you might not have considered the potential tax implications your loved ones may face after you have gone.

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At Redkite Solicitors Stonehouse, we understand just how necessary it is to allocate your estate according to your wishes. Our tax and trust specialists are here to help guide you through tax planning and trusts, enabling you to transfer your assets to your loved ones in the best and most cost-effective way possible.

Contact us today by calling 01453 825 151 to talk to a member of our Tax and Trust team or complete our online enquiry form.

Why choose our Tax and Trusts Solicitors?

You may rely on our experts to help you take care of your needs, whether in the planning of your estate or advising you on how to start the process. Our team of experts has extensive knowledge of all aspects of Trusts and can offer practical guidance to help you reduce any tax owed on your properties.

We understand every customer is special. Every person has their own specific concerns and responsibilities, that is why we don’t apply the same methods to every case automatically. We take the time to consider your specific circumstances and develop a personalised solution to suit your needs.

Our primary objective is to secure the assets that you have worked hard for your entire life and to help you make provisions for the people you leave behind. This achieved through simple and straightforward communication and easy to understand methods.

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?

Our team of specialists has experience in:

  • Succession Planning
  • Trusts
  • Trust Administration
  • Post-Death Tax Planning
  • Acting as a Trustee
  • Lifetime Gifts
  • Appointing Trustees
  • Lifetime Tax Planning

While Wills and Trusts are the key tools for tax planning, as part of an overall tax planning strategy we can assist with gifting personal and business assets over your lifetime. When a situation needs additional guidance, we will work closely with specialist solicitors, accountants and independent financial advisors to get the best result for you.

Contact us today for more guidance on tax planning and trusts.

Tax and Trusts FAQs

What is a Trust?

A

Setting up a Trust is of great benefit to people who are trying to make provisions for their loved ones after they have passed. This is a legal agreement that allows a third party the right to manage certain properties for a given period of time in the interests of a beneficiary. The person put in charge of the properties is called the Trustee.

What is Inheritance Tax?

A

Inheritance tax is the tax payable on the basis of the value of the inherited assets to be paid to the State. At the moment the inheritance tax threshold is £ 325,000. There is no inheritance tax due if the inheritable estate is worth less than this amount. If the sum is £325,000 or more, then a property tax is charged. The rate is 40% above the threshold.

By implementing these policies, the taxes owed to the state can be minimised. A common method for lowering Inheritance Tax is to set up a Trust. Every sum of money placed into a trust does no longer count against Inheritance Tax, if other conditions are met.

Why should I set up a Trust?

A

Setting up a Trust may lower the inheritance tax and could remove it entirely. Another significant consideration when evaluating trusts is that there is a justification why your children, or beneficiaries, can not handle their own finances. When that is the case, you should order the trustee to supply the beneficiary with funds on a regular basis and ensure that they are looked after.

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