11) Our Inheritance Tax Planning Service.
Our Head of Legal offers an Inheritance Tax planning review. She is both a solicitor and s206 tax barrister who worked for leading accountants in the past, and has a substantial all-round grasp of the subject of estate and IHT planning. The cost is surprisingly low, the savings can be dramatic.
The current fee for an initial Inheritance Tax Planning Review is now £195 including VAT (apologies for the video which mentions £60 which was for a much briefer review with no email summary). The earlier you start, the better, but there may be savings to be made after a death, when Will (or lack of a Will) may be increasing the future tax bill for no good reason (and many do!) As you may realise, we can use Deeds of Variation to re-write the Will or intestacy in many circumstances.
Update – see also Property Nil Rate Band of Inheritance Tax.
Strangely, a death in the family can be used to greatly reduce long term inheritance tax (and sometimes Capital Gains Tax) bills. But I digress:
The Inheritance Tax Planning Review consists of a brief oversight of your situation, what you own and who you wish to look after and it results general recommendations for future planning.
The time taken is typically around 25 minutes on the phone, and it is followed up with a brief recommendation email. Please don’t expect a long and detailed report – we can certainly do that for you, but it would be a lot more than £195!
In some cases, the initial recommendation may save a fortune in fairly short order, in others, it will be about planning in the longer term or perhaps establishing trusts or using other tax planning tools.
We are NOT financial advisers, though it may well be that we recommend you speak to one as one of our recommendations.