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Herrington Carmichael: Inheritance Tax: Inheritance Tax Planning: How Does It Work?

For any single person with an estate in excess of £325,000 or a couple with more than £650,000, inheritance tax remains an issue that will affect you and your family. With property prices in the region as high as they are, it means that many of our clients do exceed these levels.

IHT can often be a daunting subject – for many years Herrington Carmichael has offered inheritance tax (IHT) planning advice. We are recognised specialists in inheritance tax planning and often write articles and guidance with tips on how you can avoid paying too much.

How can we help you with Inheritance Tax?

  • Explain what reliefs and exemptions are available to you and how to access these.
  • Warn you of the many traps contained in the tax legislation
  • Help you to organise your affairs in a tax efficient manner
  • Advise on a tax efficient structure for your Will
  • When appropriate refer you to third party investment advisers or liaise with your own advisers over the implementation of advice.
  • Advise and assist in the preparation and implementation of Trusts when these are considered beneficial.

How does the service work?

Stage 1: Fact find and initial advice

This will usually be charged on a fixed fee basis of £750 plus VAT (£900). If, as is often the case, the principal advice is a new Will that will then be charged for as an additional item on the basis of our usual charges which range between about £375 plus VAT (£450) for a single basic Will (you will be surprised how often a simple Will can be the most tax-efficient answer) to about £1000 plus VAT (£1200) for a complex pair of Wills for a couple.

Stage 2: Report and Recommendations on Inheritance Tax

The charge for this will range between £500 plus VAT (£600) for someone whose affairs are relatively straightforward to £2000 plus VAT (£2400) for the most complex circumstances

Stage 3: Implementation

It is impossible to give an estimate of the costs of implementation as this will vary hugely depending upon what is recommended, and also upon whether or not the work involved can be carried out entirely by Herrington Carmichael or if parts of the work may be carried out by third parties.

Full article online – Read in full at www.herrington-carmichael.com

If you would like to know more about the above article then you can contact one of our specialists.

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